Dec 15 (Reuters) - Britain's Domino's Pizza Group PLC DOM.L (DPG) said on Tuesday it is forming a joint venture with Domino's Pizza Enterprises DMP.AX (DPE) to buy Joey's Pizza for 45 million euros ($49.13 million), creating Germany's largest pizza delivery group.
Domino's has struggled to grow in Germany, the world's fourth-largest pizza market.
The latest deal would bring the total number of stores under Domino's to about 227, as it tries to "overcome the challenges it has faced as a small operator in the country", the company said. urn:newsml:reuters.com:*:nRSO1809Ja
Upon meeting certain performance goals, the deal value could be elevated to 79 million euros, DPG said.
Domino's will acquire Joey's through a new joint venture between DPE and DPG, where the new company would have 2/3rd representation from Australia-listed Domino's Pizza Enterprise. Fifteen of the 20 stores will be absorbed by the new joint venture, while the remaining will be closed, the company said.
($1 = 0.9159 euros)