McDonald’s agrees to sell China unit
McDonald’s Corp. has agreed to sell a majority stake in its business in China and Hong Kong to a consortium of groups in a deal valued at $2.1 billion, the company said on Sunday.
The Oak Brook, Ill.-based giant announced a partnership with CITIC Limited, CITIC Capital Holdings and The Carlyle Group to operate McDonald’s in the fast-growing country. CITIC will own a controlling, 52 percent stake in the partnership. Carlyle will own 28 percent and McDonald’s will hold 20 percent.
The new partnership plans to add more than 1,500 locations in China over the next five years. McDonald’s currently