Acquisition History / Sapphire Foods India Ltd / Devyani International Ltd
Sapphire Foods India Ltd Acquires Devyani International Ltd
Announced January 2026 — $934M
What happened
Sapphire Foods, which runs KFC and Pizza Hut outlets, agreed in January 2026 to merge with Devyani International, India's largest Yum! Brands franchisee, in an all-stock deal valued at roughly $934 million. The combination is structured as a scheme of arrangement under the Companies Act sanctioned by the NCLT, with a fixed share-swap ratio supported by independent valuations. It creates the region's largest KFC, Pizza Hut and Taco Bell operator.
- Acquirer
- Sapphire Foods India Ltd
- Target
- Devyani International Ltd
- Announced
- January 2026
- Price
- $934M
- Industry
- Quick service restaurants
- Buyer type
- Strategic acquirer
- Status
- Announced, not yet closed
By the numbers
Frequently Asked Questions About This Acquisition
When did Sapphire Foods India Ltd acquire Devyani International Ltd?
Sapphire Foods India Ltd acquired Devyani International Ltd on January 2026. This was Sapphire Foods India Ltd's 1st publicly tracked acquisition out of 1 we have on record.
How much did Sapphire Foods India Ltd pay for Devyani International Ltd?
Sapphire Foods India Ltd paid $934M for Devyani International Ltd.
What does Devyani International Ltd do?
Sapphire Foods, which runs KFC and Pizza Hut outlets, agreed in January 2026 to merge with Devyani International, India's largest Yum! Brands franchisee, in an all-stock deal valued at roughly $934 million. The combination is structured as a scheme of arrangement under the Companies Act sanctioned by the NCLT, with a fixed share-swap ratio supported by independent valuations. It creates the region's largest KFC, Pizza Hut and Taco Bell operator.
What other Quick service restaurants companies has Sapphire Foods India Ltd acquired?
Devyani International Ltd is Sapphire Foods India Ltd's only publicly tracked acquisition in Quick service restaurants so far.