MANILA - Shakey's Pizza Asia Ventures Inc said Tuesday it would acquire fast casual chain Peri-Peri Charcoal Chicken to diversify its portfolio.
Shakey's will acquire assets and intellectual property of Peri-Peri under an asset purchase agreement, the company told the stock exchange.
This includes ownership and operations of company-owned stores and services for franchised outlets, the statement said.
"This Peri acquisition is another vote of confidence in the growing middle class in the Philippines. We will continue to invest in the restaurant space and diversify the business portfolio in the hope of achieving our vision of establishing WOW brands," Shakey's chairman Christopher Po said.
The deal is expected to be completed mid-year upon the completion and fulfillment of conditions related to the acquisition, Shakey's said.
Peri-Peri has a total of 23 branches. Shakey's is operating a total of 228 stores nationwide as of December 2018.