McDonald's plans Asian unit sales

McDonald's Corp is planning a sale of 20-year franchise rights in Malaysia and Singapore that could collectively fetch at least $400 million, people with knowledge of the matter said.

Suitors for the fast-food operations in the two Southeast Asian markets have begun sounding out banks for financing, said the people, who asked not to be identified because the information is private. A potential bidder is in talks with lenders for as much as $300 million in funding.

McDonald's is seeking local franchise partners to run its restaurants in Malaysia and Singapore as it pursues an international turnaround plan put in place after Chief Executive Officer Steve Easterbrook took over last year. The Big Mac maker, which has a $112 billion market value, is revamping its ownership models throughout Asia, including plans to sell operations in the Chinese mainland, Hong Kong and South Korea.