TPG said to exit race for US$2b McDonald's China rights

Hong Kong

TPG Capital has exited the race for the McDonald's Corp China operations, leaving two other foreign buyout firms to compete with local bidders in a sale that could fetch as much as US$2 billion, people with knowledge of the matter said.

Bain Capital has partnered Chinese hotelier GreenTree Hospitality for its offer, while Carlyle Group teamed with Beijing-based conglomerate Citic Group Corp, according to the people, who asked not to be identified because the information is private. TPG's erstwhile partner, Chinese grocery operator Wumart, is bidding on its own, the people said.