QSR Giants Sapphire Foods, Devyani International Merge: Share Swap Details Emerge

• Sapphire Foods and Devyani International announced a merger on January 1, uniting major KFC and Pizza Hut operators.
• Sapphire Foods shareholders will receive 177 Devyani International shares for every 100 Sapphire shares.
• The merger creates India's largest Yum! Brands QSR platform, targeting Rs 210-225 crore annual synergy.
• Yum! Brands approved the deal; Devyani will acquire 19 KFC restaurants from Yum! India in Hyderabad.
• Analysts view it as a "welcome strategic move" for simplified structure, cost savings, and market leadership.

Why It Matters: QSR giants Sapphire Foods and Devyani International merge, forming a market leader with significant shareholder implications.