Mega-Merger: Sapphire Foods & Devyani International Consolidate KFC, Pizza Hut Operations

• Sapphire Foods India and Devyani International announce a merger to consolidate Yum! Brands' KFC and Pizza Hut operations in India.
• The deal aims to create a single, scaled QSR platform, improving efficiencies and strengthening growth amidst slowing demand and rising costs.
• Devyani International will issue 177 shares for every 100 Sapphire Foods shares; full integration expected in 15-18 months.
• Yum! Brands approved the merger, granting DIL long-term waivers, and DIL will acquire 19 KFC restaurants in Hyderabad.
• The merged entity will focus on accelerating KFC expansion, revitalizing Pizza Hut, and scaling Devyani's emerging brands portfolio.

Why It Matters: Major merger creates unified QSR giant for KFC & Pizza Hut in India, aiming for accelerated growth.