Plus   Neg

Domino's Pizza To Sell Entire Stake In Norway Unit For Full Ownership In Sweden

Domino's Pizza Group plc (DOM.L) announced Thursday that it has agreed to sell its entire 71 percent stake in Domino's Norway, DP Norway AS, to Pizza Holding AS and EYJA Fjarfestingafelag III EHF, the existing minority shareholders in Domino's Norway.

The consideration would comprise a combination of the payment of a nominal amount, NOK 1, in cash and the transfer by the Minority Shareholders' of their entire shareholdings in Domino's Sweden to Domino's Pizza. This will result in Domino's Pizza owning 100 percent of Domino's Sweden.

The company noted that the transfer of minority interests in Domino's Sweden, PPS Foods AB, would simplify Domino's Pizza's disposal of its Swedish business in due course.

The sale of Norway stake, conditional on shareholder approval, provides a complete exit for Domino's Pizza from Norway for a cash outlay of up to 7.0 million pounds, in addition to funding DPN's losses to completion. Domino's Norway reported an underlying operating loss before tax of 6.6 million pounds for the year 2018

The company said the agreed sale is part of its earlier announced plan to exit its directly operated international operations in an orderly manner, and find more suitable owners for these businesses.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT