2023-07-13 09:22:41 ET
Carlyle Group ( NASDAQ: CG ) and Trustar Capital are looking to raise $4B by partially exiting their stakes in McDonald's ( NYSE: MCD ) operations in Hong Kong and mainland China, as per a Bloomberg report that cited people familiar with the matter.
The firms have approached sovereign wealth funds GIC Pte (Singapore) and Mubadala Investment (Abu Dhabi) for the stake sale, which would value the business at up to $10B including debt. The asset managers aim to reach an agreement with investors in Q4.
The private equity firms had bought into the business six years ago, with Carlyle ( CG ) owning 28% and Trustar holding 42%. The firms will set up a new vehicle that would allow existing investors to partially exit the business, while attracting fresh capital, according to the report .
"The company's shareholding structure will not change. All stakeholders are highly aligned on the process," McDonald's China told Reuters. "We will continue to leverage capital and other resources from Trustar, Carlyle ( CG ), and McDonald's ( MCD ) to achieve the milestone of 10K stores."
More on McDonald's:
-
McDonald's sees double-digit comparable sales growth across all regions
-
McDonald's hits all-time high as consumers lap up higher prices
For further details see:
Carlyle, Trustar eye $4B partial exit from McDonald's China - report