Global Yellow Pages in ice-cream business deals

GLOBAL Yellow Pages has agreed to buy the intellectual property rights including recipes and formulas held by Wendy's Supa Sundaes (WSS) and Innovation Ice Cream (IIC) for A$10 million (S$11.67 million).

The sellers are ultimately owned substantially by private equity firm Navis Capital Partners, which acquired the business in July 2006. The Singapore-listed company believes there is "significant potential for further expansion of the ice-cream retail business in Asia", especially in China.

Its indirect wholly owned subsidiary, Global Food Retail Group, had entered into the sales and purchase agreement on Sunday.