October 19, 2017 / 6:32 AM / a year ago

Domino's German JV to buy independent chain Hallo Pizza

FILE PHOTO: The sign of a Domino's Pizza restaurant is seen in Paris, France, October 27, 2016. REUTERS/Charles Platiau/File Photo

(Reuters) - Domino’s Pizza Group Plc (DOM.L) said its German joint venture, in which it owns a third of the stake, would buy Germany’s largest independent pizza chain, Hallo Pizza, to expand its business in the country.

Domino’s Pizza, a master franchisee of U.S.-based Domino’s Pizza Inc (DPZ.N), said the deal worth 32 million euros ($37.8 million) on a cash-and-debt-free basis, would add Hallo’s 170 stores to its business.

The transaction is expected to close in the first quarter of 2018, Britain’s biggest pizza delivery firm said on Thursday.

Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri

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