Domino’s Pizza Group PLC (LON:DOM) said it agreed to sell its Icelandic business, Pizza Pizza, to investment vehicle PPH for a total 2.4bn Icelandic krona (£13.7mln) in cash.
The FTSE 250 chain said PPH is owned by a consortium of firms which include a vehicle owned by Icelandic restaurant owner Birgir Bieltvedt who has also agreed to purchase Domino’s Swedish business.
READ: Domino’s Pizza records highest ever sales week as it announces 200 new stores
Domino’s said the transaction is expected to complete before the end of May, while the proceeds from the sale will be used initially to repay its debts.
The company said the sale forms part of its planned exit from all directly operated international markets in order to focus on its core UK and Ireland operations. The firm has signed exit deals for its Norwegian and Swedish operations and is currently in discussions regarding the disposal of its Swiss business.
Domino’s shares were flat at 351.4p in early deals on Monday.