Advertisement
UK markets open in 30 minutes

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,732.65
    +448.11 (+2.59%)
     

  • CRUDE OIL

    84.02
    +0.45 (+0.54%)
     

  • GOLD FUTURES

    2,351.60
    +9.10 (+0.39%)
     

  • DOW

    38,085.80
    -375.12 (-0.98%)
     

  • Bitcoin GBP

    51,524.50
    +130.88 (+0.25%)
     

  • CMC Crypto 200

    1,391.83
    -4.70 (-0.34%)
     

  • NASDAQ Composite

    15,611.76
    -100.99 (-0.64%)
     

  • UK FTSE All Share

    4,387.94
    +13.88 (+0.32%)
     
Stocks:

Trending tickers

Microsoft, Alphabet, Anglo American, IBM, Astrazeneca, Unilever and Sainsbury's

CVC in talks to buy China restaurant chain stake for $300 mln-sources

Reuters - UK Focus

HONG KONG, Oct (KOSDAQ: 039200.KQ - news) 30 (Reuters) - Private equity (Swiss: PEHN.SW - news) firm CVC (Taiwan OTC: 4744.TWO - news) Capital Partners is in advanced talks to buy a majority stake in high-end China restaurant chain South Beauty Investment Co Ltd for around $300 million, two sources with knowledge of the matter told Reuters.

A deal to buy South Beauty, which sells mainly Sichuan cuisine, would be the latest private equity acquisition of a restaurant chain in China, as choppy public markets in Hong Kong and tighter credit conditions push company owners to exit through M&A deals.

Under the deal being discussed, CVC is buying 69 percent of South Beauty, while the restaurant chain's founder, Zhang Lan will own a 31 percent stake, Basis Point reported citing sources on Tuesday.

CVC has hired Bank of America Corp as an advisor, and the bank is arranging loan financing of $140 million to back the acquisition of Beijing-headquartered South Beauty, Basis Point reported.

Bank of America (Other OTC: BACYL - news) and CVC declined to comment. South Beauty did not reply to an email requesting comment. Sources declined to be identified as the discussions were confidential.