Chinese conglomerate Citic Group and U.S. private equity firm Carlyle have appeared as the leading contenders to secure the acquisition of the McDonald's China franchise, according to the Financial Times citing sources.
The Citic and Carlyle team are expected to pay in the region of $2 billion to $3 billion to seal the deal.
TPG Capital and Bain Capital were two other global contenders in the running for China's fast-food chain, however, the team has now dropped out of a possible agreement, according to the Financial Times report.
McDonald's China owns almost 3,000 outlets across the country although it has struggled to attract investment since announcing it was up for sale in the first half of 2016.
Read the full report here.