Expansion underway as Burgeon Law and CAM authorize Devyani International's approximately ₹420 crore purchase of Biryani by Kilo
In a significant move, Devyani International Limited, the franchisee of popular global food chains like Pizza Hut and KFC, has expanded its horizons by acquiring an 80.72% stake in Sky Gate Hospitality Private Limited for ₹419.60 crore.
Sky Gate Hospitality, known for its popular franchises such as 'Biryani By Kilo', 'Goila Butter Chicken', and 'The Bhojan', is now a significant part of Devyani International's portfolio.
The acquisition deal was advised by Burgeon Law, with Ankit Bhasin, Abhisshek Singlla, Akshita Mittal, Jesika Somani, and Roma Priya serving as key members of the transaction team.
Interestingly, Alpha Wave Ventures, an existing investor in Sky Gate Hospitality, was represented by Cyril Amarchand Mangaldas in the deal. Saransh Agarwal was another senior associate from Burgeon Law who contributed to the transaction.
This strategic move is expected to strengthen Devyani International's control over Sky Gate Hospitality, positioning the company for further growth and expansion in the Indian food service industry.
The acquisition by Devyani International of Sky Gate Hospitality marks an entry into the food service industry's business sector, with finance playing a crucial role in this significant deal. Following the acquisition, Sky Gate Hospitality's franchises, such as Biryani By Kilo, Goila Butter Chicken, and The Bhojan, will contribute to expanding Devyani International's portfolio.
