BHP Secures $2 Billion Investment from BlackRock’s GIP to Boost WAIO Power Network 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
GameStop Misses Q3 Revenue Estimates as Digital Shift Pressures Growth 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Westpac Director Peter Nash Avoids Major Investor Backlash Amid ASX Scrutiny 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Adobe Strengthens AI Strategy Ahead of Q4 Earnings, Says Stifel 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Nvidia Develops New Location-Verification Technology for AI Chips 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
SoftBank Eyes Switch Inc as It Pushes Deeper Into AI Data Center Expansion 
KFC's operator in India, Deyvani International Limited, reportedly bought 274 Kentucky Fried Chicken stores in Thailand to enter the Thai market. The largest franchisee for Yum Brands, which also operates Pizza Hut franchise stores, is paying $129 million for the deal.
Devyani International is one of the most trusted Quick Service Restaurant (QSR) companies in the business, and it confirmed on Monday, Dec. 18, that it will start its operations of KFC stores in Thailand after buying Restaurants Development Co., the Thai operator of 274 stores in the country.
Strategic Takeover Deal
The India-headquartered restaurant company acquired Restaurants Development through its Dubai-based unit, Devyani International DMCC, which it owns with a 51% stake. The rest, which is a 49% stake, is owned by Temasek Holdings, a Singapore-based private investment firm.
As per Reuters, the purchase will further increase the number of KFC restaurants that Devyani owns. Prior to the deal, it was already operating a collective 500 KFC locations in Nepal, India, and Nigeria. It also has Pizza Hut and Costa Coffee stores in India.
This is a strategic deal for the company as it will broaden its market reach and sales in the Indian market. The agreement is expected to close by Mar. 31, 2024.
Joint Venture with Partner Temasek Holdings
CNBCTV18 reported that the acquisition is a joint venture with its partner, Temasek Holdings, an investment firm with more than S$380 billion in assets. With its vast resources, the company provides expertise and sizeable financial support to this acquisition.
"In its pursuit of entering new geographies and simultaneously deepening its presence in existing locations, DIL is committed not only towards the expansion of its footprint in Thailand but also ensuring and elevating the consumer's experience in the Thai market and serving local communities," Deyvani International said in a press release.
DIL added that the acquisition will position the company as "a key player in the exciting QSR/ LSR market in Thailand. The firm said this will also lay the foundations for additional growth and expansion."
Photo by: Aditya Doliya/Unsplash
