Holy Hamburglar! McDonald's Korea is up for sale

A McDonald's Korea branch in Seoul. [NEWS1]

McDonald’s Corporation is trying to sell its Korean operation, following other major fast food franchises recently put up for sale.

McDonald’s Korea is wholly owned by McDonald’s Corporation, based in Chicago. Mirae Asset Securities has been appointed an advisor to arrange its sale.

In 2016, McDonald’s Corporation tried to sell its Korean business to a consortium formed by Maeil Dairies and Carlyle, a Washington-based investment firm. The consortium was reported by local media to have backed off due to the high price of around 500 billion won ($394 million).

McDonald’s Corporation has been selling its overseas businesses to local companies since 2006.

McDonald’s Korea reported a net loss of 34.9 billion won in 2021, a 47.6 percent improvement from a loss of 66.1 billion won the previous year. Its revenue rose 9.7 percent on year to 867.9 billion won.

It had 403 branches in Korea as of 2021, with 308 directly run by the company.

Korea’s fast food market is set for big changes as other major franchises also look for new owners.

Affinity Equity Partners, a Hong Kong-based investment firm, has been trying to sell its 100 percent stake in Burger King Korea since January. KG Sunning Life, a golf course business, offered its 100 percent stake in KFC Korea for sale in March.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]