Uni-President in Talks to Buy Jardine Restaurant Business, Including KFC and Pizza Hut Operations in Vietnam

Taiwanese food group Uni-President Enterprises is in advanced talks to acquire Jardine Matheson’s Asian restaurant business. Citing two people familiar with the matter, Reuters reported that the target is Jardine Restaurant Group (JRG), a Jardine subsidiary that could be valued at about $400 million. An agreement could be reached before the end of 2026, but the terms have not been finalized and the deal remains uncertain.

JRG operates about 1,000 KFC and Pizza Hut restaurants in Vietnam, Hong Kong, Macau, Myanmar and Taiwan, and employs about 25,000 people. People familiar with the matter said the business generates about $35 million to $40 million in earnings before interest, taxes, depreciation and amortization. A Jardine spokesperson declined to comment, while Uni-President did not respond to Reuters’ request for comment.

Vietnam is one of JRG’s five markets. According to JRG’s website, the group acquired a 25% stake in Pizza Hut’s Vietnam business in 2005 and increased it to 100% in 2011. That same year, it acquired a 25% stake in KFC’s Vietnam business. KFC said it had 250 restaurants in Vietnam as of June 2026 and planned to increase the number to 260 in 2026. According to Pizza Hut’s website, it has about 130 outlets in 35 provinces and cities in Vietnam.

In May 2026, Reuters reported that Carlyle Group and Yum China had also expressed interest in Jardine’s restaurant business. Jardine said in its 2025 annual report that deflationary pressure had affected its restaurant and consumer businesses. Uni-President’s net profit fell 5.1% year on year in 2025 to NT$19.63 billion; its annual report attributed the decline to higher coffee bean costs and the restructuring of its e-commerce business.

Source: VietVance