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...