Hony Capital agrees to buy Pizza Express: Source

Chinese private-equity firm Hony Capital has agreed to buy restaurant chain PizzaExpress from London-based private-equity firm Cinven for US$1.54 billion, The Wall Street Journal reported, citing an unamed source. PizzaExpress operates in more than a dozen countries and has several branches in Beijing, Shanghai and Hong Kong. Created in 2003 by restructuring state-owned enterprises and taking minority stakes in private-equity firms, Hony Capital is among several Chinese private-equity funds that have been investing overseas. Recently, Chinese firms have been snapping up foreign assets in the food sector to gain access to their brands and technologies.