Doosan Group says it will sell Kentucky Fried ChickenDoosan Group, the nation’s 12th-largest conglomerate, said yesterday that it is selling its Kentucky Fried Chicken (KFC) fast-food business to global private equity firm CVC Capital Partners.
Doosan Corporation, the group’s holding company, said in a regular filing that its subsidiary DIP Holdings is selling its 100 percent stake in SRS Korea, which runs KFC restaurants in Korea, for 100 billion won ($97 million). The deal is expected to be finalized next month, the company said. Since 1995, Doosan has been trying to restructure its business portfolio around heavy industries and machinery. In November 2012, the company sold its Burger King business to local private equity firm Vogo Fund for 110 billion won.