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China's Hony Capital buys Pizza Express for USD1.6b
(MENAFN) China's private equity firm, Hony Capital, has cut a deal with Gondola Group to buy Britain's Pizza Express chain for USD1.6 billion, The Peninsula Qatar reported.
Hony's interest comes two months after Pizza Express expanded its empire of 500 restaurants to include its first Beijing-based pizzeria.
The British group already runs 12 restaurants in Hong Kong, 9 in Shanghai, and 436 in Britain.
It is noted that private equity fund Cinven bought Pizza Express franchise owner Gondola in a public to private transaction in 2007 for USD1.77 billion.
"This transaction is the largest in the European restaurant sector in the past five years," Gondola and Hony said in a joint statement.
Hony's interest comes two months after Pizza Express expanded its empire of 500 restaurants to include its first Beijing-based pizzeria.
The British group already runs 12 restaurants in Hong Kong, 9 in Shanghai, and 436 in Britain.
It is noted that private equity fund Cinven bought Pizza Express franchise owner Gondola in a public to private transaction in 2007 for USD1.77 billion.
"This transaction is the largest in the European restaurant sector in the past five years," Gondola and Hony said in a joint statement.
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