Jubilant FoodWorks Hits 52-Week High On Acquiring Fides Food

On Monday, shares of Jubilant FoodWorks Ltd surged 5% to touch a 52-week high of Rs 3,099.25 on BSE after the company said it would fully acquire Netherlands-based Fides Food Systems Coöperatief U.A. via its wholly-owned subsidiary Jubilant Foodworks Netherlands B.V.

"We wish to inform that Jubilant Foodworks Netherlands B.V., a wholly-owned subsidiary of the company, has entered into a purchase agreement with Turkish Private Equity Fund II L.P. to fully acquire Fides Food Systems Coöperatief U.A. Jubilant FoodWorks Limited has also executed the Purchase Agreement as guarantor in connection with the investment obligations of Jubilant FoodWorks Netherlands B.V.," the company said in a statement.

Following the acquisition, Jubilant Foodworks Limited will indirectly hold 32.81% shares of Fides held by DP Eurasia, it added.

DP Eurasia is a public company listed with London Stock Exchange PLC, and is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. DP Eurasia (together with its subsidiaries) offers pizza delivery and takeaway/eat-in facilities at 771 stores (568 in Turkey, 190 in Russia, 9 in Azerbaijan and 4 in Georgia as on 31 December 2020).