The competition authorities of Poland have blocked the acquisition by Amrest, owner of La Tagliatella, Telepizza business in the country, by not granting their authorization for this concentration.
This is what the company has indicated to the National Securities Market Commission (CNMV), which means blocking an operation valued at 8 million euros and whose contract for the sale of shares has already been signed by both companies in July 2018.
In this way, said contract has been automatically terminated as the previous conditions established before the deadline have not been met, since the Polish Competition has not given its consent to the operation.
Specifically, Telepizza contemplated the sale of its business in Poland, which includes its 107 stores, 36 of its own and 71 franchisees. The chain of pizzerias pointed out at the time that this sale would be a development opportunity both for its franchisees in Poland and for the current employees, who will become part of a large group with a strong presence in the Polish market.
This transaction was framed within the roadmap defined after the signature of the strategic alliance between Telepizza and Pizza Hut, which would allow it to double its restaurants to more than 2,500 and its sales in the system to 1,100 million euros per year and expand its presence to 37 countries.
In a statement sent to the CNMV, Telepizza attributes the cancellation of the contract to the AmRest decision of do not extend the deadline for the fulfillment of the condition relating to the approval of the operation by the Polish authorities, terminating the purchase agreement.