Thai Beverage Plc, the owner of Chang Beer, has acquired more than 240 KFC stores in Thailand from Yum Restaurants International for THB11.3 billion (USD348 million), the giant brewer announced yesterday.
Thai Beverage Plc, known as ThaiBev, said that its food subsidiary, The QSR of Asia Ltd, has closed the deal with Yum, the company which also used to run Pizza Hut in Thailand. The acquisition is expected to be completed by the end of this year.
KFC has been operating in Thailand for over 30 years, with their fastest rate of store growth happening in the last five years, said representatives of ThaiBev.
Bangkok Post reported there are approximately 600 KFC stores in Thailand run by Yum and other two franchisers.
The big buy would allow ThaiBev to expand further into the food business and to get access to multiple customer touch points across the country.
Last year Yum announced a plan to sell all of its KFC restaurants so it could focus on product development.
The company sold its Pizza Hut branches to Thoresen Thai Agencies Plc, a shipping group controlled by the Mahagitsiri family, in March.
Editor’s Note: The original version of this story contained a math error. We have corrected it.
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