CVC Moves Ahead with KFC, QSR Deal

Malaysian fastfood chain operators KFC Holdings Bhd and QSR Brands Bhd have agreed to accept a takeover offer from CVC Capital Partners and a state investment arm, Reuters wrote Wedesnday. London-based CVC Capital and Malaysia’s investment arm for the state of Johor had earlier offered 5.24 billion ringgit ($1.65 billion) to buy KFC and QSR.

(Reuters) – Malaysian fastfood chain operators KFC Holdings Bhd and QSR Brands Bhd said on Wednesday their independent directors had agreed to accept a takeover offer from CVC Capital Partners Ltd and a state investment arm.

London-based CVC Capital and Malaysia’s investment arm for the state of Johor had earlier offered 5.24 billion ringgit ($1.65 billion) to buy KFC and QSR, in what could be the largest foreign private equity linked deal in the country.

The companies said in a stock exchange filing that upon completion of the disposal, they would return cash to their shareholders through a capital repayment exercise. ($1 = 3.1784 Malaysian ringgit) (Reporting by Liau Y-Sing; Editing by Helen Massy-Beresford)