Dongwon aims to to acquire McDonald's Korea
Published date | 22 February 2023 |
Publication title | The Korea Times |
Dongwon Industries aims to acquire McDonald's Korea, a move seen as the group's attempt to strengthen its franchise food business. The holding company for a variety of Dongwon Group affiliates, including marine, logistics, finance, food and living businesses, is hopeful that it can create synergy through the acquisition.
Dongwon Industries shares closed at 46,700 won ($32), Monday, up 3.78 percent from the previous trading session, on a report that it joined last month's preliminary bidding for acquiring McDonald's Korea as the sole candidate.
According to the investment banking industry, both sides are now in the process of negotiating a price for the deal, following last week's first round of due diligence. The global headquarters of McDonald's currently owns a 100 percent stake in McDonald's Korea, and the selling price is estimated to be set at around 500 billion won ($399 million) or slightly lower.
Dongwon Industries acknowledged that it joined the preliminary bidding as the sole candidate while declining to comment further.
If the deal is signed, Dongwon Industries will exclusively own McDonald's business in Korea. It will need to pay a 5 percent royalty to the U.S...
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