Hong Kong: Taiwanese food and retail conglomerate Uni-President Enterprises is in advanced talks to acquire Jardine Matheson's KFC and Pizza Hut restaurant business in several Asian markets in a potential deal valued at around US$400 million.
An agreement could be reached before the end of 2026, although negotiations are continuing and the final terms have not yet been agreed, according to people familiar with the discussions.
The business under discussion is Jardine Restaurant Group, a Hong Kong based restaurant operator that runs KFC and Pizza Hut outlets across Hong Kong, Macau, Taiwan, Vietnam and Myanmar. The group also operates PHD, a takeaway pizza chain in Hong Kong.
Neither Uni-President nor Jardine Matheson has publicly confirmed the proposed transaction. The reported valuation and progress of the negotiations are based on information from people familiar with the matter.
Jardine Restaurant Group has approximately 1,000 outlets across its five markets, making it an established player in the Asian restaurant industry. The group has around 25,000 employees, according to its corporate profile.
The potential acquisition would give Uni-President an opportunity to expand its presence in the restaurant sector and strengthen its position in several Asian consumer markets. The company already has extensive interests in food manufacturing, retail, distribution and logistics.
Through its subsidiary President Chain Store, Uni-President operates Taiwan's 7-Eleven convenience store business. It also has interests in the operation of Starbucks outlets in Taiwan.
The proposed purchase would significantly expand its restaurant operations beyond its existing food and retail businesses.
The reported US$400 million valuation is based on the estimated financial performance of Jardine Restaurant Group. People familiar with the business estimate that it generates between US$35 million and US$40 million in annual earnings before interest, taxes, depreciation and amortisation.
However, the final purchase price could change depending on the assets included, the financial position of the business and the terms agreed between the parties.
The latest discussions follow an earlier sale process reported in May 2026, when several companies were identified as potential buyers of Jardine Restaurant Group.
Among those interested were US private equity firm Carlyle Group, Yum China Holdings and Uni-President Enterprises. At the time, potential buyers were expected to submit non binding offers.
Uni-President's reported progress in the negotiations marks an important development in the proposed sale. However, it remains unclear whether the other interested companies are still considering an offer or have withdrawn from the process.
The proposed transaction also comes as Jardine Matheson continues to review its investments and focus on businesses it considers central to its long term strategy.
The conglomerate has been pursuing a more active approach to managing its assets, including selling some businesses and redirecting capital towards other investments.
In January 2026, Jardine Matheson completed a transaction worth approximately US$4.2 billion to take Mandarin Oriental private. The group also agreed in August to sell several vehicle dealership businesses in Singapore and Malaysia for S$265 million.
The possible sale of Jardine Restaurant Group would be another significant step in this wider restructuring effort.
The restaurant business has a long history in Asia. Jardine Restaurant Group was established in 1973 and gradually expanded its operations through acquisitions and partnerships.
It entered the Pizza Hut business in Hong Kong in 1987, followed by Macau in 1989 and Taiwan in 1990. The company later expanded its KFC operations, acquiring businesses in Taiwan in 2010 and Hong Kong and Macau in 2013.
The ownership of the international restaurant brands has also changed in 2026.
Yum! Brands completed the sale of Pizza Hut's mainland China operations to Yum China Holdings on August 7, 2026, for approximately US$1.2 billion. It completed the sale of Pizza Hut operations outside mainland China to LongRange Capital on September 1, 2026, for approximately US$1.5 billion.
These transactions changed the ownership structure of the global Pizza Hut business. However, they did not mean that individual restaurant operators automatically changed ownership.
The proposed Jardine transaction concerns its regional restaurant operations and associated business interests, rather than ownership of the global KFC or Pizza Hut brands.
The final scope of the proposed acquisition remains unclear. It has not been established whether Uni-President intends to purchase all the businesses or only selected operations.
Jardine Restaurant Group does not have complete ownership of every operation in its regional portfolio. Its interests in some markets include minority stakes and shared ownership arrangements, which could affect the scope of the proposed transaction.
Existing franchise and operating agreements would also need to be considered before any transfer of ownership could take place.
For Uni-President, the acquisition could provide access to established restaurant networks in several Asian markets. For Jardine Matheson, a sale would release capital that could be directed towards other areas of its business.
The negotiations will determine whether Uni-President secures the proposed acquisition and whether Jardine Matheson proceeds with another major sale as part of its wider investment strategy.