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Yum! takes bite of China's Little Sheep
(Agencies)
Updated: 2009-03-25 11:48
US restaurant operator Yum! Brands said on Wednesday that it had agreed to buy about 20 percent of China hot-pot chain operator Little Sheep for $63 million from UK private equity firm 3i Group and other sellers.
Little Sheep said on Wednesday Yum! Brands would buy the stake at HK$2.40 per share, or an 8.4 percent discount to its closing price of HK$2.62 on Tuesday, sending shares in Little Sheep up by more than 20 percent. Little Sheep has a 6 percent share of China's restaurant market, according to researcher Euromonitor International. The company operated 375 restaurants across China by the end of 2008, 3i said in a statement. Yum! Brands also bought at 2.6 percent stake in Little Sheep held by China-focused private equity fund Prax Capital, which jointly invested in Little Sheep with 3i in 2006. Other parties including some controlling shareholders of Little Sheep sold a combined 6.07 percent stake to Yum! Brands, Little Sheep said in a statement. Yum!, parent of well-known fast-food restaurants such as KFC, Pizza Hut and Taco Bell, said on Wednesday that the deal was expected to be completed by this summer. (For more biz stories, please visit Industries)
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