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McDonald’s Corporation has put up a “for sale” sign for its operation in South Korea, and this move follows other major fast-food franchises that are currently selling their Korean units. It was reported that the Seoul-based Mirae Asset Financial Group has been assigned as an advisor to handle the sale.
McDonald’s is in search of a strategic partner in South Korea for the supervision of its local operation. This is the company’s second attempt to find a partner following a failed deal six years ago.
As per The Korea Economic Daily, the sale of McDonald’s Korea business is heating up the mergers and acquisitions (M&A) market. On the other hand, some local investment banking industry experts expressed mixed views regarding the sale as they think the sluggish burger market in the country has reduced the interest in the operation.
Still, Mirae Asset Securities Co. will be doing its work to find the best partner that can take over the fast-food brand’s Korean unit. The merger and acquisition deal involves the sale of a full stake in McDonald’s Korea which is owned by McDonald’s APMEA Singapore Investment Pte. Ltd. Pulse News reported that the seller will be sending out teaser letters to potential buyers soon, probably next month.
At any rate, McDonald’s has been out in the market for years already and sources said that the terms of the sale likely remained the same, and nothing much would have changed based on the terms that were published in 2016.
In that year, McDonald’s Corporation made attempts to sell McDonald’s Korea to a consortium formed by the Washington-based The Carlyle Group private equity company and South Korea headquartered Maeil Dairies. At that time, the consortium reportedly decided to back out of the deal because of the high price of ₩500 billion or around $394 million.
Meanwhile, McDonald’s Korea operates a total of 403 restaurant outlets in the country and 308 of these locations are directly run by the company. It reported a net loss of ₩34.9 billion last year which is actually a big improvement as it posted a loss of ₩66.1 billion in 2020. This was a 47.6% improvement which means its revenue went up in 2021.
