Yum China, Jollibee Considering Bids for China Restaurant Chain Wagas
- Wagas has also drawn non-binding bids from buyout firms
- A buyer for the business could emerge by as early as year-end
A Wagas cafe in Shanghai Hongqiao International Airport.
Photographer: Alex Tai/SOPA Images/LightRocket/Getty Images
Yum China Holdings Inc., Jollibee Foods Corp. and Restaurant Brands International Inc. are among companies considering bids to acquire Chinese healthy food and bakery chain Wagas, according to people familiar with the matter.
The closely held company has also drawn interest from private equity firms, the people said, asking not to be identified because the information isn’t public. The owners of the business, whose sales are expected to reach close to 1.2 billion yuan ($188 million) this year, are seeking a valuation of $800 million to $1 billion or more, based on previous transactions in the industry as well as initial interest, the people said.