Fast food company Domino’s Pizza Enterprises is to acquire Domino’s Taiwan as part of its global expansion plan.
The company has entered a binding agreement with Formosa International Hotels under which Domino’s will buy the Taiwan operation for $79 million on a cash and debt free basis.
“This is a market with tremendous opportunities for our business and this acquisition provides similar opportunities for the local team,” said Don Meij, CEO and MD at Domino’s Pizza.
“Our expansion focus has been on identifying opportunities with large total addressable markets and a stable economy.”
The deal is expected to close in the first half of FY2022.
Domino’s is Taiwan’s second largest pizza chain with 157 corporate and franchised stores across the territory. As part of the acquisition, Domino’s Pizza aims to increase the store network to more than 400 stores.
The company also plans to expand the brand’s footprint in Asia from 1500 stores to 1900 stores by 2032.
“We intend to expand the store footprint through opening more corporate stores, introducing new, internal, franchisees to the network, helping existing franchises profitably expand their businesses, and investing in the network and our people to drive long term growth,” Meij added.