UK’s Domino‘s Pizza Group has signed an agreement to acquire the business of Domino’s Pizza Switzerland (Domino’s Switzerland) for CHF7m (£4.67m).

As per the transaction, Domino’s Pizza will have the exclusive rights to operate and franchise Domino’s stores in Switzerland, Liechtenstein and Luxembourg.

The Company believes that the Swiss market represents an exciting opportunity for the expansion of the Domino’s business in central Europe.

Currently having 12 corporate stores, Dominos pizza intends to open an additional 25 outlets over next five years.

To further its presence in central Europe the restaurant chain secured the master franchise rights for the Domino’s Pizza market in Austria, effective from completion of the above transaction.

The transaction is expected to be completed in late September of 2012 and the amount will be paid in two tranches.

Domino’s Pizza chief executive officer Lance Batchelor said Switzerland represents a good opportunity to continue its expansion into Europe by acquiring an existing business.

"On completion we will hold the master franchises for a total of seven European countries – out of a total Domino’s global business of 73 international markets," said Batchelor.

"This is an exciting move into a new territory that fits in well with our existing businesses and which we can easily absorb."

Domino’s Pizza Group is the exclusive master franchisee to own, operate and franchise Domino’s Pizza stores in the UK besides the Republic of Ireland and Germany.