McDonald’s is planning on selling thousands of its restaurants across Asia as competition among fast-food companies in the region intensifies.
According to Reuters, the fast-food giant is targeting private-equity companies like Bain Capital and MBK Partners for the sale. The aim is to have partners owning the restaurants within a franchise business model.
The franchise partners could own up to 100% stakes in markets including China, Hong Kong and South Korea, Reuters reports.
Competition between global food companies like McDonald’s and Yum! Foods (which owns Taco Bell, KFC and Pizza Hut) has ramped up in recent years, particularly after a food-quality scare in 2014 impacted their businesses. The emergence of low-cost local rivals has crowded the market even further.