Daily Update: Yum China to Acquire Pizza Hut China for $1.2B; YY Group Raises $20M ATM Equity; Respond.io Secures $62.5M Series B; Galaxy Data Center Raises $250M; ADI Backs TVM Capital Healthcare Fund; Jardine Matheson Targets $4B Recycling & $500M Buyback; ELite UK REIT Acquires £31.9M Asset; Adani-Jabil AI Pact; Tachyon-Yotta AI Campus Deal

YUM CHINA

YUM CHINA TO ACQUIRE OWNERSHIP OF THE PIZZA HUT BRAND IN MAINLAND CHINA FOR $1.2 BILLION

Yum China Holdings Tuesday said it has entered into a definitive agreement with Yum! Brands to acquire ownership of the Pizza Hut brand in Mainland China at a cash consideration of $1.2 billion. Upon closing, Pizza Hut China will no longer be subject to the license fees previously payable to Yum! Brands.

“Moving from the exclusive licensee to the brand owner of Pizza Hut in Mainland China represents a transformative milestone for us, demonstrating our conviction and long-term commitment to the China market. We see tremendous opportunities ahead, and we are still only at the early stage of our planned growth trajectory for Pizza Hut China,” said Joey Wat, CEO of Yum China. 

“Becoming the brand owner will give the Company greater strategic flexibility to drive innovation across the menu, store formats, new modules, and operations. In addition, the elimination of the license fee payments to Yum! Brands are expected to enhance store economics and lower store-opening thresholds, which support Pizza Hut’s margin expansion, growth acceleration and market leadership in China. As always, we remain fully committed to delivering an exceptional experience for our customers.” 

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. 

On a like-for-like basis, Yum China’s 2026 full year financial guidance remains unchanged. With the elimination of license fee payments to Yum! Brands for the Pizza Hut brand, the Company expects the transaction to immediately enhance Pizza Hut China’s and therefore Yum China’s restaurant margins and OP margins. It is also expected to be immediately accretive to diluted EPS starting in 2026 following closing, and mid-single-digit accretive to diluted EPS in 2027 and 2028. 

Yum China plans to fund the acquisition through a combination of cash and debt financing. “Yum China remains committed to its previously announced capital return plans, which includes $1.5 billion in 2026, and approximately 100% of annual free cash flow after subsidiaries’ dividend payments to non-controlling interests beginning in 2027. This is expected to translate to an average annual return of approximately $900 million to over $1 billion in 2027 and 2028, and to exceed $1 billion in 2028,” the company added.

The transaction consideration represents an implied last-twelve-month P/E multiple of 19.5x, which compares favorably with the trading multiples of comparable global and China-based catering and beverage companies that are brand owners with franchising as a key business model. 

This represents a 17% discount to the median of the peer group’s latest LTM P/E (23.5x) as of market close on June 12, 2026, and a 24% discount to the median of the peer group’s average LTM P/E over the past one year (25.7x). 

Additionally, it also stands at a discount to the intrinsic value range derived from various valuation methodologies, taking into account historical performance and future prospects of Pizza Hut in Mainland China, reinforcing long-term value creation for shareholders.

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YY GROUP RAISES US$20 MILLION AT-THE-MARKET EQUITY OFFERING PROGRAM

YY Group Holding, Singapore-based AI-native workforce management platform and integrated facility management provider operating across Asia and beyond, Tuesday said it has raised $20 million through At-The-Market equity offering program.

The company intends to apply a portion of the net proceeds to retire outstanding higher-cost short-term business loans, immediately reducing its recurring financing costs. YY Group intends to deploy the vast majority of the remaining funds for continued investment in its proprietary AI-native workforce management platform, regional IFM services, and its recently launched AI software, physical AI training data factories, and robotics initiatives, as well as the exploration of potential high-value acquisitions or strategic investments in complementary technologies.

Mike Fu, CEO of YY Group, commented, “The successful and full utilization of this US$20 million ATM program marks a pivotal point for YY Group’s capital structure. With this capital fully secured, the program is concluded, removing any further market equity issuance under this facility. We are now exceptionally well-capitalized to aggressively scale our high-margin AI software, data training, and robotics initiatives while optimizing our balance sheet. We appreciate the continued alignment of our shareholders as we transform from an intelligent decision-support tool into an increasingly autonomous, AI-driven workforce leader.”

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MALAYSIA-BASED RESPOND.IO RAISES $62.5M SERIES B TO EXPAND INTO NORTH AMERICA AND EUROPE

Respond.io, Malaysia-based customer conversation management platform, Tuesday said it has raised a $62.5 million Series B round led by Camber Partners, with participation from Endeavor Catalyst and existing investors.

The capital from this new round will accelerate the company’s expansion in North America and Europe, where social commerce on TikTok, Instagram, and WhatsApp is growing, and mid-market B2C businesses are increasingly running the same types of revenue-critical conversations that respond.io has powered for years.

Respond.io enables mid-market B2C businesses to grow revenue from high volumes of customer chats and calls. It unifies WhatsApp, Instagram, TikTok, Messenger, LINE, Telegram, WeChat, voice calls, email, web chat and 16 more integrations into a single platform with AI agents, automation, and CRMs. This turns fragmented customer conversations into a measurable revenue engine, purpose-built for real-world scale and complexity.

The company serves industries where customers initiate conversations before buying, booking, or committing, including education, healthcare, automotive, retail and travel. The platform powers 2 billion messages per quarter for more than 10,000 businesses in over 180 countries, including Toyota, British Airways, Radisson, Hertz, and Decathlon.

Respond.io generates $35M in annual recurring revenue, growing 169% year-over-year, at a 30% profit margin. 

The funding was led by Camber Partners, a New York City-based growth equity firm that invests in only a handful of capital-efficient software businesses per year, with a pre-fund portfolio that includes Dropbox, PandaDoc, and Pipedrive. Camber brings deep operational engagement to their partnerships, including support in go-to-market, data science, and talent. As a US-based firm with European market experience, the relationship maps directly to respond.io’s geographic expansion plans.

“When we started talking to Camber Partners, that conversation felt different,” said Gerardo Salandra, CEO and co-founder of respond.io. “We built respond.io over nine years across markets most competitors never entered and did it profitably. Camber Partners and other investors backed us because they understand what that means: real product-market fit, with great unit economics, and a business that raises to accelerate, not to survive.”

“Respond.io spent nine years building the infrastructure for high consideration, AI-native customer conversations – and they did it profitably in diverse markets. They have an exceptional team that has leveraged AI to accelerate rapidly. We believe respond.io is positioned to lead this category at a global scale,” said Scott Irwin, founder and partner, Camber Partners.

“Most businesses still treat customer conversations as a cost to manage. The ones winning right now treat them as the revenue channel they actually are, and they’re automating everything that doesn’t require a human so the humans can focus where they add the most value,” Salandra said. “We see it in our customers every day — we have case studies showing AI Agents are handling 600% more leads with conversation rates as high as 84%.”

“The customer conversation management space is at an inflection point,” Salandra said. “North America and Western Europe are moving toward leveraging conversations as a competitive advantage to generate revenue, using similar workflows we’ve already built and tested in markets where this shift happened first. We know how to serve these businesses, and with this funding, we now have the resources to reach them faster.”

Reid Hoffman, co-founder of LinkedIn and Chairman of Endeavor Catalyst commented: “We are thrilled to be investing in respond.io in this new round. Respond.io is exactly the kind of company we are proud to support — founders building profitable infrastructure in emerging markets and scaling them into the world’s largest economies. So proud to have them in the Endeavor Catalyst family!”

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GALAXY DATA CENTER SECURES US$250 MILLION TO BUILD GREEN COMPUTE INFRASTRUCTURE IN SOUTHEAST ASIA

Galaxy Data Center Tuesday said it has secured US$250 million in an initial strategic financing round from a renowned international investment institution. The proceeds support the company’s data center platform development in Southeast Asia, project execution, and deployment of high-density infrastructure for the AI era.

Galaxy DC is strategically leveraging its regional hub in Singapore to advance the multi-country deployment of GW-scale AIDC campuses across Southeast Asia. By employing diversified capital models and industrial ecosystem synergy strategies, the company delivers customized hyperscale AIDC infrastructure services to a broad range of clients.

Galaxy DC believes that the demand for AI computing power is reshaping data centers from traditional facility assets toward a new phase of deep collaboration among energy strategy, engineering execution, operational resilience, and customer growth. The company will continue to strengthen its comprehensive capabilities in GW-scale AIDC across technology adaptability, power resources, green energy, localized rapid delivery, and low-carbon operations. It will also further enhance strategic capital partnerships, leveraging diversified capital models to position Southeast Asia as a key hub for global sustainable digital infrastructure.

Arthur Yang, Co-founder and CEO of Galaxy DC, said: “This financing further strengthens Galaxy DC’s regional platform capabilities. We are seeing rapidly evolving requirements from AI and cloud service clients — focusing not only on capacity, but also on delivery certainty, energy efficiency, operational resilience, and long-term scalability. Galaxy DC remains committed to leveraging cutting-edge, ever-evolving technology and synergistic sustainable energy solutions as its core, building future-ready GW-scale green computing infrastructure for our clients.”

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AUSTRALIAN DEVELOPMENT INVESTMENTS (ADI) BACKS TVM CAPITAL HEALTHCARE’S SOUTHEAST ASIA FUND

TVM Capital Healthcare Tuesday said that Australian Development Investments (ADI), an initiative of the Australian Government,  has committed up to USD $8 million to its Southeast Asia Fund through its Investing in Women window. The investment supports growth capital for healthcare companies that expand access to affordable, quality care while advancing women’s leadership, workforce participation, and patient outcomes in line with the 2X Criteria.

ADI’s commitment follows the first closing of TVM Capital Healthcare‘s Southeast Asia Fund in September 2025 and builds on the firm’s long-standing experience investing and operating healthcare businesses across emerging markets. It also follows the oversubscribed closing of TVM Capital Healthcare’s US$254 million Afiyah Fund in the Middle East in 2024.

“The commitment underscores strong investor confidence in TVM Capital Healthcare’s Southeast Asia strategy, its long-standing track record in healthcare, and its ability to identify and scale companies that expand access to high-quality, affordable healthcare across emerging markets. It also highlights the firm’s impact in advancing female leadership, creating meaningful employment for men and women, and addressing critical gaps in underserved areas such as women’s healthcare,” the company said.

Healthcare continues to demonstrate resilience as an investment sector amid global economic and geopolitical uncertainty. Demand for healthcare services remains driven by fundamental demographic and societal needs, creating opportunities for sustainable growth while addressing critical healthcare challenges across Southeast Asia.

With nearly four decades of global healthcare investing and operating experience and more than 15 years focused on emerging markets. The firm partners with healthcare companies that expand access to care, improve patient outcomes, strengthen healthcare infrastructure outside of the traditional hospital-setting, and support national healthcare priorities.

“We are pleased to welcome ADI as partners in our Southeast Asia Fund,” said Hoda Abou-Jamra, Co-Founder and Managing Partner at TVM Capital Healthcare. “Their commitment reflects a shared conviction that healthcare is currently one of the most compelling sectors for long-term investment in Southeast Asia to achieve both superior financial performance and impact outcomes. Together, we look forward to supporting healthcare companies that expand access to quality care, strengthen healthcare systems, and create sustainable value for patients, communities, and investors.”

“At a time when many investors are seeking resilient sectors with strong long-term fundamentals, TVM Capital Healthcare’s experience, local and hands-on approach, and established track record in emerging markets position the firm as a strong partner for achieving both commercial and development objectives,” said Ralitsa Rizvanolli, Head of Investments from Sarona Asset Management – ADI’s investment manager.

JARDINE MATHESON HOLDINGS

JARDINE MATHESON HOLDINGS TARGETS TO RECYCLE $4 BILLION CAPITAL FROM PORTFOLIO; OUTLINES PLAN FOR US$500 MILLION SHARE BUYBACK WHICH WILL RUN TO END 2027

Hong Kong-based Jardine Matheson Holdings, a diversified Asia Pacific-focused investment company, Tuesday said it plans to recycle at least US$4 billion capital from the portfolio, excluding recycling commitments from its holdings of Hongkong Land and Astra. The company further noted that it plans a new US$500 million share buyback which will run to the end 2027 and outlined steps to grow the dividend by at least 5% each year. 

“Our objective is to become an outstanding investor and owner dedicated to building a diverse portfolio of high-quality, scaled businesses in Asia Pacific. Over the past year, we have accelerated our capital allocation programme, including recycling capital from lower yielding assets to supporting buyback programs, a growing dividend and the control acquisition of I-MED. We are working toward building a diverse, sustainable portfolio of quality assets with a target of delivering greater than 9% p.a. five-year TSR and our leadership team is fully accountable for and aligned with this target,” said Lincoln Pan, CEO of Jardine Matheson.

Jardines has also brought clarity to the kinds of assets it will invest in. Jardines will seek to be a control owner of its portfolio companies, and to make investments that diversify Jardines’ existing positions to improve quality of earnings.

“To date, Jardines has already made significant progress on its evolution into an investment company, including reducing complexity in its corporate structure through the privatisation of Mandarin Oriental, recycling lower-yielding assets such as One Causeway Bay, exiting or reducing non-control holdings including Yonghui, Vinamilk, Toyota Motor Corporation and Zhongsheng and investing in substantial share repurchases for JMH and several portfolio companies,” the company added.

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SGX-LISTED ELITE UK REIT STRENGTHENS PORTFOLIO WITH £31.9 MILLION PROPOSED ACQUISITION

Singapore Stock Exchange-listed Elite UK REIT Management, Tuesday said it has entered into conditional share purchase and asset purchase agreements to acquire five freehold or virtual freehold UKproperties – Queensway House, East Kilbride; Griffin House, Wigan; Penhaligon House, St Austell; Challand House, Pontefract; and Bridgend Jobcentre, Bridgend– for approximately £31.9 million.

The New Properties are expected to contribute annual gross rental income of approximately £2.6 million. On a pro forma basis, FY2025 DPU would have increased 1.3% to 3.051 pence from 3.011 pence, while portfolio valuation would increase approximately 7% to £492.1 million from £460.2 million.

The Manager will also embark on an estimated capital expenditure of £19.0 million for the conversion of Lindsay House into a 170-bed purpose-built student accommodation asset. The Lindsay House Conversion is estimated to bring further uplift to distribution yield and DPU accretion, while maintaining net gearing within the Manager’s target range.

Mr. Joshua Liaw, Chief Executive Officer of the Manager, said: “We believe that in an environment marked by continued macroeconomic volatility, the pairing of government-leased properties and living sector assets in our portfolio will enhance the resilience of our distributions to Unitholders. The Proposed Acquisition reinforces our portfolio with essential UK infrastructure assets that are underpinned by long-term, government-backed revenue, while conversion works at Lindsay House would position the property to be the REIT’s first purpose-built student accommodation, with completion ahead of Academic Year 2027. These are aligned with the Manager’s commitment to delivering sustainable yield for Unitholders.”

As the New Properties have a long WALE of 13.3 years by gross rental income as at 31 December 2025, the proposed acquisition will improve the REIT’s lease maturity profile to 7.6 years on a pro forma basis, from 6.9 years as at 31 March 2026 and 2.4 years as at 31 December 2025. There are no lease expiries before 2028. 

After the proposed acquisition, 2028 expiry exposure would be materially derisked and lowered to 33% of GRI in the near term from 97% before, pushing back expiries to 30% of GRI in the mid-term and 38% of GRI in the long term, from 2% and 1% respectively.

The Manager intends to partially fund the proposed acquisition and Lindsay House Conversion through an optimised funding structure including existing debt borrowings of £30.7 million, the issuance of new units to Elite UK Commercial Fund III of up to approximately £8.9 million, and a private placement to raise gross proceeds of approximately £7.4 million.

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ADANI ENTERPRISES AND JABIL PLAN PACT TO BUILD AI DATA CENTER INFRASTRUCTURE PLATFORM IN INDIA

Adani Group, an integrated infrastructure and green energy conglomerate, and Jabil Inc., a global player in engineering, supply chain, and manufacturing solutions, Monday said they plan to form a strategic alliance to establish a vertically integrated AI and data center infrastructure manufacturing platform in India.

The platform plans to deploy multi-GW of high-density AI Rack manufacturing capacity in India. This will serve the infrastructure needs of global hyperscalers, co-location facilities, and enterprise data centers through the manufacturing and integration of liquid-cooled AI racks, servers, storage, and networking systems utilizing Surface Mount Technology and box-build processes.

Beyond computing racks, the alliance encompasses white space and grey space device manufacturing. This includes Power Distribution Units, Coolant Distribution Units, transformers, switchgears, Bus Bars, and thermal management systems. 

This initiative addresses a global market opportunity exceeding USD 3 trillion over the next seven years, driven by structural investments in AI compute. The two organizations are currently working on the definitive operational frameworks and formal documentation to accelerate the execution of this manufacturing roadmap.

India’s data center market is at an inflection point, with industry forecasts projecting capacity to reach between 5-8 GW by 2030, fueled by growing AI demand, cloud expansion, and data localization requirements. As global hyperscalers accelerate investment in India’s digital infrastructure — with more than US$ 50 billion in planned spending across data center, cloud, and AI ecosystems — the country’s focus on data sovereignty is reshaping technology supply chains. 

Coupled with the requirements of the Digital Personal Data Protection Act, these trends are driving increased demand for domestically manufactured hardware and strengthening India’s position as a strategic technology manufacturing hub. Furthermore, the Union Budget 2026’s landmark tax holiday for data centers until 2047 significantly enhances the global export competitiveness of India-based manufacturing.

“This alliance directly aligns with Adani Group’s US$100 billion commitment to develop 5 GW of green-energy-powered, hyperscale AI-ready data centers by 2035, complementing established collaborations with global technology leaders,” the company added.

Mr. Gautam Adani, Chairman, Adani Group, noted: “The world is entering an Intelligence Revolution more profound than any previous Industrial Revolution. Nations that master the symmetry between energy and compute will shape the next decade. India is uniquely positioned to lead. Our alliance with Jabil represents a decisive step in building India’s complete AI infrastructure stack — from green power generation to world-class hardware manufacturing. Together, we will ensure India is not merely a consumer in the AI age, but a creator, builder, and exporter of intelligence.”

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TACHYON IN STRATEGIC PACT WITH YOTTA DATA SERVICES TO ANCHOR NAKOTA AI DATA CAMPUS

Tachyon Corporation Monday said it has entered into a strategic binding Memorandum of Understanding with Nidar Infrastructure, the parent company and majority shareholder of Yotta Data Services, a global AI infrastructure and hyperscale data center operator. 

The 15-year commitment is expected to contribute approximately $2.34 billion in revenue associated with the initial 100 MW deployment, representing the first phase of the planned Nakota AI Data Campus, which is designed to support up to 1 GW of total capacity upon full development.

Under the proposed framework, Nidar and Yotta are expected to become foundational strategic partners in the Nakota project, bringing commercial demand, operational expertise, and access to one of the world’s most advanced AI infrastructure ecosystems. 

Yotta Data Services, based in India and operator of Nvidia GPU compute infrastructure, is pursuing a pre-IPO financing and targeting a public listing at a valuation of approximately $4–6 billion, with plans to raise $600–900 million in growth capital.

Under the MOU, Nidar’s U.S. affiliate is expected to become the anchor customer for the first 100 megawatts (MW) of capacity at Nakota while participating as an economic partner in the project. 

At full utilization of the initial phase, the arrangement contemplates approximately US$156 million in annual contracted infrastructure revenue, creating a substantial foundation of recurring cash flow while establishing a pathway toward future expansion, contributing $2.34B in revenue per 100MW capacity utilized.