- POSTED: 19 Dec 2013 20:32
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In a statement to the Singapore Exchange, GYP said the move is part of its strategy to expand in the food and beverage sector.
SINGAPORE: SGX-listed firm Global Yellow Pages (GYP) is acquiring Australia's Gloria Jean's Coffees.
In a statement to the Singapore Exchange (SGX), GYP said the move is part of its strategy to expand in the food and beverage sector.
GYP is acquiring the entire stake from Australian firm Tea & Coffee Traders Pty Ltd which acts as trustee for the Saleh Family Trust.
Gloria Jean's Coffees has over 800 coffee houses across 39 countries.
The deal includes acquiring all "Gloria Jean's Coffees" and "It's A Grind" intellectual property, the global supply chain operations, and the master franchisor business for all its coffee houses worldwide.
GYP said there is significant potential for further expansion of the brand in Asia.
Its non-executive chairman Mah Bow Tan said: "The coffee drinking culture is growing fast in many Asian countries and we believe that this acquisition will provide GYP with a platform to tap into this growing trend in Asia, especially China."
The acquisition will be paid for in cash and shares.
GYP did not disclose the full amount of the deal but it has proposed to raise up to S$62.9 million via a rights issue to fund the acquisition.
GYP's CEO Stanley Tan and substantial shareholder Sam Goi have given their undertakings to become sub-underwriters for the rights issue.
Meanwhile, Gloria Jean's Coffees executive chairman Nabi Saleh will continue to be closely associated with the company and will retain interests in the Master Franchisee business for Australia, USA and China.