Beijing-based retail giant WuMart has filed a bid to take over McDonald’s operations in both the mainland and Hong Kong, according to a report from Caixin.com.
Someone familiar with the case revealed that Wumart’s bid is being backed by TPG capital, one of the largest private equity investment firms globally.
WuMart is said to be one of a number of Chinese-based companies looking to take over the McDonald’s operations.
A source says other participants who vie for the bid include a consortium joined by investment corporation CITIC Group and Carlyle Group and Beijing Capital Agribusiness Group.
The case is among a series of similar bids coming after McDonald’s announced earlier this year the sale of their franchise rights for its operations on the Chinese mainland, Hong Kong and South Korea.
Up till now the participants have declined to comment on the case, according to Caixin.