AVCJ

CVC stalled in QSR process against Carlyle, KKR rumored: reports

  • Paul Mackintosh
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The newly formed consortium of CVC Capital Partners Asia Pacific and Malaysian group Idaman Saga has failed to top a bid by the Carlyle Group for QSR Brands Bhd, the local food services group that controls franchises for Kentucky Fried Chicken plus Pizza Hut in Malaysia, Singapore and Brunei, according to reports.

The original Reuters report stated that Idaman Saga, linked to construction and diversified holdings magnate Halim Saad, had publicly stated that it had struck a deal with the CVC Capital Partners Asia III fund, CVC Capital Partners' current Asian vehicle, and investment holding company KUB Malaysia Berhad, to counter Carlyle's MYR1.94 billion ($619 million) offer for the  57.8% stake in QSR held by local palm oil and plantation group Kulim. Malaysian media reports indicated that the new partnership's bid had been rejected by the target.

While confirming the original Carlyle bid to AVCJ, sources close to the deal also noted that unconfirmed Malaysian press reports had indicated that Kohlberg Kravis Roberts & Co. might also be joining the CVC/Idaman Saga combination. Carlyle's offer had already topped a previous bid by Halim Saad for the Kulim QSR stake, which had been rejected by Johor Corp., the investment arm of the state of Johor and majority owner of Kulim.

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