Retail in Asia

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CIC backs group in talks to buy Yum China

A consortium backed by China’s sovereign wealth fund is in talks to buy Yum Brands’ mainland unit, which includes KFC and Pizza Hut outlets across the country, Bloomberg News has reported.

The China Investment Corp-backed group, which includes private equity firms KKR & Co and Baring Private Equity Asia, was doing due diligence on the business, which could be valued at USD7 billion to USD8 billion, according to the report citing “people with knowledge of the matter.”

Yum has more than 7,100 outlets in China and plans to open a further 600 this year, according to the fast food company’s website.

(Source: CNBC)