DEVYANI

- Sapphire Foods-Devyani International merger:

Sapphire Foods and Devyani International, the two companies that operate quick-service chains such as KFC and Pizza Hut in India, announced plans for a merger on January 1. The two firms have outlined the key details of their proposed merger which will bring together two of India’s largest franchise partners of Yum! Brands under a single, scaled quick-service restaurant (QSR) platform. As part of the merger, Sapphire Foods will merge into Devyani International through a share-swap mechanism. Devyani International will issue 177 shares of the company for every 100 shares of Sapphire Foods one owns. -

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