SINGAPORE (Sept 23): NTUC Enterprise has announced that it will be acquiring local food court operator Kopitiam Investment along with its subsidiaries by end-2018.

Under the agreement, NTUC will also be acquiring all 80 of Kopitiam’s outlets in Singapore, including the Lau Pa Sat Festival Market, which Kopitiam acquired in 1995.

However, the consideration for the acquisition deal was not revealed. Market observers have said that this acquisition could be worth “a significant amount”, as the largest coffee shop operator in Singapore, Kimly, has a market value of more than $300 million.

Kopitiam is one of Singapore’s largest players in the industry and sees about 350,000 meals being served daily. It also has employed more than 1,000 staff and manages more than 1,000 food stalls.

Currently, NTUC oversees NTUC Foodfair, which operates 33 food establishments islandwide.

Upon completion of the acquisition, both parties will continue to operate as separate entities, with their respective management teams and workers. Kopitiam will retain its name.