Bloomberg News is reporting that Carlyle Group Inc and Trustar Capital are looking to raise $4 billion from wealth funds to purchase a portion of their stakes in McDonald’s Corp operations in Hong Kong and mainland China.

The report on Wednesday said the proposal would allow for the buyout firms to acquire a partial exit following their acquisition of the companies six years ago, according to people familiar with the matter.

In an emailed response to Reuters on Thursday, McDonald’s China said, “The company’s shareholding structure will not change. All stakeholders are highly aligned on the process.” 

The response added that McDonald’s China will continue to leverage resources from Trustar Capital, Carlyle, and McDonald’s Corp.

According to the report, the plan has been approved by shareholders, and the asset managers have contacted Mubadala Investment and GIC Pte in an effort to put together a deal which values the business at as much as $10 billion, including debt.

The report added that the goal is to achieve an agreement with investors sometime in the fourth quarter of 2023.

Neither Carlyle nor GIC responded to requests for comment from the media.

According to Reuters, two sources with knowledge of the matter indicate that the US private equity firm has been discussing various possible paths forward, among them a potential continuation fund with financial advisors for the McDonald’s China stake.