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McDonald's Korea is up for sale, and Dongwon Industries Co. is being reported to likely become the new owner. This is because the South Korean seafood company is eyeing the acquisition of the local unit of the world-famous fast-food chain brand.
Dongwon Industries' goal of acquiring McDonald's Korea is being seen as an attempt to boost its franchise food business. The company is part of the Dongwon Group, which operates a variety of businesses, including finance, food, marine, living, and even logistics. It is said to be hopeful that adding the chain to its portfolio will create good synergy for its business lines.
As per The Korea Times, Dongwon Industries participated in the preliminary bidding in the race to buy McDonald's Korea last month. It ended up as the only candidate, so recently, it has advanced to the price negotiation stage with the fast-food brand.
The negotiations happened after the first round of due diligence that was carried out last week. At this time, the McDonald's HQ in the United States owns a 100% stake in its Korean division.
The selling price is estimated to be about KRW500 billion or $399 million, but since this is not yet the definite price, it may be a bit lower in the final negotiation. Once a deal is reached, and papers are signed, Dongwon Industries will become the sole owner of McDonald's business in South Korea. But then again, it will still be required to pay a five percent royalty fee to the U.S. HQ.
Meanwhile, Pulse News reported that shares of Dongwon Industries went up almost 20% to KRW53,600 or $43 on Monday, Feb. 6, the day when the media reported about its acquisition bid for McDonald's Korea.
Business insiders said that the seafood company, which is also the holding unit of the Dongwon, is negotiating with the party that is managing the sale of McDonald's Korea. The company confirmed in its regulatory filing this week that it is looking into the possible acquisition deal, but at this time, there is no specific decision yet.
Photo by: Jonathan Marchal/Unsplash
