SINGAPORE - Coffee-shop chain Broadway has bought out 23 coffee shops from rival chain S11, doubling the number of its branches, according to Chinese-language evening paper Shin Min Daily News on Saturday (Feb 10).
The acquisition is estimated to cost $200 million, making it the largest of its kind for a coffee-shop chain to date, the paper said, quoting industry sources.
Broadway posted an announcement in Chinese-language daily Lianhe Zaobao on Saturday, saying that the group will acquire S11's 23 coffee-shop branches - including S11's first one in Bishan Street 11 - in the first quarter of this year.
"We will renew the good brand established by S11 over the past 24 years," the announcement said in Chinese.
"We will continue to provide the public with delicious, economical and quality food and drink."
The branches which Broadway has acquired include those at Block 304, Woodlands Street 31; Block 34, Upper Cross Street and Block 640, Bukit Batok Central.
The takeover of all the coffee shops is expected to be done within three months.
Broadway, which opened in 1997 with a coffee shop at Block 414, Yishun Ring Road, currently has 22 outlets, according to its website.
Last June, Shin Min Daily News reported that Broadway was in the process of finalising a $300 million deal to buy over S11's then 17 coffee shops.
The Straits Times has reached out to Broadway and S11 for comments.