McDonald s sells most of China, Hong Kong business to CITIC, Carlyle for $2.1 bn



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McDonald s sells most of China, Hong Kong business to CITIC, Carlyle for $2.1 bn


Date: 10-January-2017

McDonald s Corp has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP for up to $2.1 billion, seeking to expand rapidly without using much of its own capital.Under the deal, Hong Kong-listed CITIC Ltd will own about 32 percent of the business, with CITIC Capital, an affiliate company that manages private equity funds and other alternative assets, holding another 20 percent. Carlyle will control 28 percent of the business, while McDonald s will retain a 20 percent stake, the companies said in a statement.McDonald s originally wanted to raise up to $3 billion from the sale of the business, but later decided to keep a minority stake to benefit from exposure to future growth in China,

 
 
 
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