KFC, Pizza Hut Franchisees Unite: Sapphire Foods Merges with Devyani International in $934M Deal

• Sapphire Foods and Devyani International, major Yum Brands franchisees, are merging in a $934 million deal.
• The merger aims to consolidate KFC and Pizza Hut operations in India, creating a scaled platform with nationwide reach.
• The deal, approved by Yum Brands, involves a share-swap and revised commercial terms for long-term growth.
• The combined entity will focus on accelerating KFC expansion, reviving Pizza Hut, and scaling Devyani's other brands.
• This consolidation addresses slower growth and tighter margins in India's fast-food industry, leveraging scale and efficiency.

Why It Matters: Major KFC, Pizza Hut franchisees merge to create a dominant quick-service restaurant platform in India.