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TPG to Exit Race for $2 Billion McDonald’s China Business

  • Wumart bidding alone for fast-food chain’s local franchise
  • Bain Capital partners with Chinese hotelier GreenTree
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TPG Capital has exited the race for the China operations of McDonald’s Corp., leaving two other foreign buyout firms to compete with local bidders in a sale that could fetch as much as $2 billion, people with knowledge of the matter said. 

Bain Capital has partnered with 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.