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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Jim Beam owner bets on canned vodka cocktails to double revenue
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Cordlife served letter of demand, notice of claim from customers
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director
GSK profit drops 23% in Q1 on higher costs