The Shanduka Group, founded by South African Deputy President Cyril Ramaphosa, has sold the local operations of McDonald’s Corp. to a Middle Eastern company for an undisclosed amount, authorities said.
The Competition Commission, an antitrust authority, said it approved the transaction for the Emirates-based company, MSA Holdings, to acquire the fast-food restaurants because it would not present undue competition to local companies.
“Given that the acquiring group is not here at all in South Africa we found that, if approved, it is unlikely to substantially lessen or present competition,” said the commission’s spokesman Itumeleng Lesofe, without elaborating.
In May 2014, Ramaphosa announced his complete disinvestment from Shanduka to avoid conflicts of interest with his government duties after President Jacob Zuma named him deputy president. Ramaphosa founded the company in 2001.