Linklaters advised Yum! Brands, Inc. (Yum!) on its entry into a new master franchise agreement under which a subsidiary of The Carlyle Group will be appointed as master franchisee to manage and further develop the KFC brand and business in Japan. As part of the transaction, Linklaters also advised Yum! on the take-private of KFC Holdings Japan, Ltd., the parent company of Kentucky Fried Chicken Japan, Ltd., which is the existing operator of the KFC brand and franchise in Japan.

The transaction involved a competitive bidding process, highlighting the increased M&A activity and growing number of opportunities in the Japanese market.

Linklaters’ involvement in the transaction consolidates the firm’s long-standing experience in complex and cross-border M&A transactions. The cross-jurisdictional team was led by Tokyo-based corporate partner Yoshiyuki Asaoka and Warsaw-based corporate counsel Christopher Quinn.

Corporate partner Yoshiyuki Asaoka commented:

“Linklaters has worked on some of the most high-profile transactions in the corporate/M&A space in the region. We are honoured to have had the opportunity to support Yum! on this strategic mandate which will help it unlock value and pave the way for its accelerated growth in the Japan market. Congratulations to all parties involved.”

Corporate counsel Christopher Quinn added:

“We are delighted to have been able to expand our long-standing relationship with KFC to transactions in the vibrant and dynamic Japanese market. We look forward to continuing to support our clients on complex mandates and milestone deals.”