McDonald’s sells control of flagging China business

CITIC and CITIC Capital will have a controlling stake of 52%, while Carlyle and McDonald’s will have interests of 28% and 20%, respectively.

McDonald’s has struck a deal to sell a controlling stake in its struggling mainland China and Hong Kong business for $2.08 billion in cash and new shares.

The US fast-food chain worked hard to find a buyer who could put the business back on its feet and grow. However it was adamant it would not sell to a competitor nor a lone financial investor. 

It chose Chinese conglomerate CITIC and CITIC Capital, which will own the majority of the business with a stake of 52%, while Carlyle and McDonald’s will have 28% and 20%, respectively.

In a fiercely contested...

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