The proposed acquisition covers approximately 1,000 KFC and Pizza Hut restaurants across dHong Kong, Macau, Taiwan, Myanmar and Vietnam, potentially expanding Uni-President’s footprint in Asia’s quick-service restaurant market.
Taiwanese food and beverage group Uni-President Enterprises is in advanced discussions to acquire Jardine Matheson’s restaurant business, which operates KFC and Pizza Hut outlets across five Asian markets, in a deal reportedly valued at approximately US$400 million.
According to reports, the proposed acquisition involves Jardine Restaurant Group (JRG), which operates approximately 1,000 restaurants across Hong Kong, Macau, Taiwan, Myanmar and Vietnam. The business employs around 25,000 people and also operates PHD, a takeaway-focused pizza brand in Hong Kong.
The restaurant portfolio includes KFC and Pizza Hut operations across the region, although the brand presence varies by market. KFC and Pizza Hut operate in Hong Kong, Macau and Taiwan, while the Myanmar business includes Pizza Hut and Vietnam has both KFC and Pizza Hut operations.
Jardine Restaurant Group is estimated to generate annual earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$35 million to US$40 million. At the reported US$400 million valuation, the potential transaction represents approximately 10 to 11.4 times its estimated annual EBITDA.
For Uni-President, the acquisition would significantly expand its presence in the quick-service restaurant (QSR) sector and strengthen its position across Asian foodservice markets. The Taiwanese conglomerate already has extensive interests in food manufacturing, retail, logistics and convenience stores. Its businesses include President Chain Store, which operates 7-Eleven in Taiwan, and President Starbucks Coffee, its Starbucks operating partnership in the market.
The acquisition would give Uni-President access to an established restaurant network, existing brand arrangements, supply-chain infrastructure and operations across multiple Asian territories. It could also create opportunities to leverage the group’s existing food production, procurement and distribution capabilities.
Other potential buyers had previously expressed interest in the business. Private equity firm Carlyle Group and Yum China were among the parties reportedly exploring an acquisition earlier this year. Yum China operates KFC and Pizza Hut in mainland China, while Carlyle has experience investing in international restaurant businesses.
The proposed transaction also comes as Jardine Matheson reviews its wider portfolio and focuses on its core businesses. The potential sale would represent another significant change in ownership involving established restaurant operations in Asia.
The deal remains under negotiation, with reports indicating that an agreement could be reached before the end of 2026. Neither a completed acquisition nor final transaction terms have been confirmed.
For the global franchise industry, the potential US$400 million transaction highlights the strategic value of established multi-market restaurant networks. A change in ownership could reshape the regional operating structure of two major international QSR brands, although the impact on individual franchise and licensing arrangements will depend on the final transaction terms.
