McDonald’s sells China operations to local consortium in $1.7b deal

GLOBAL burger giant McDonald’s will sell a controlling interest in its mainland China and Hong Kong business for US$1.7 billion. The buyer is Chinese state-owned conglomerate CITIC, and US private equity firm the Carlyle Group. The deal, for 80 percent of McDonald’s China operations, gives CITIC and Carlyle franchise rights for 20 years. CITIC and its investment arm, CITIC Capital, will have a controlling stake of 52pc, while Carlyle will take 28pc, a McDonald’s press release said. McDonald’s will retain the remaining fifth of the company. The new owners plan to add 1500 new stores in China over the next…

Source: Beef Central
McDonald’s sells China operations to local consortium in .7b deal