Pizza Hut, owned by Yum! Brands Inc., and the Telepizza Group, have closed the strategic alliance which, after agreement by the European Commission, will allow international growth between the two companies. Thus, the Telepizza Group becomes the leading pizza operator in the world and the largest Pizza Hute franchise by number of stores.
The agreement was previously approved by 100% of the shareholders at the last Telepizza General Meeting. This milestone comes after receiving, earlier this month, the authorization of the Directorate General for Competition of the European Commission.
With the implementation of the agreement, the groups said in a statement, "a new era begins for the Telepizza Group, which doubles the number of establishments for more than 2,500 stores and sets its Ebitda proposal to 2021 by 100 million euros. This growth means increasing its international presence by operating in some 37 countries, reaching a potential market of 500 million consumers. "
In addition, with the signing of the alliance, it is expected that 1,300 Telepizza Group stores will be opened in the next decade, specifically in the markets covered by the agreement: Spain, Portugal, Latin America (excluding Brazil), the Caribbean and Switzerland.