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McDonald's sells China operations to Carlyle, Citic group for USD 2.08 billion

Leading American Fast-food Giant McDonald's Will Sell Its Mainland China And Hong Kong Franchise Business To A Consortium Of Citic Group And The Carlyle Group For Up To USD 2.08 Billion, The Companies Said On Monday.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 09 Jan 2017, 12:06:47 PM
McDonald's - File Photo

New Delhi:

Leading American fast-food giant McDonald's will sell its mainland China and Hong Kong franchise business to a consortium of Citic Group and the Carlyle Group for up to USD 2.08 billion, the companies said on Monday.

Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years, Citic Limited said in a statement to the Hong Kong stock exchange.

Citic and Citic Capital will have a controlling stake of 52 per cent, Carlyle will have 28 per cent, and McDonald's will hold 20 per cent of the new company. 

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First Published : 09 Jan 2017, 12:00:00 PM