McDonald's sells China business in deal worth up to $2.1B
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Fast-food giant McDonald's is selling a controlling stake in its China business to a group of investors led by state-owned Chinese conglomerate Citic in a deal worth up to $2.1 billion, the companies said Monday.
The transaction is part of a global business overhaul being carried out by the American company to keep up with changing tastes that have resulted in declining sales.
Under the terms of the deal, Citic Ltd. and its investment management unit Citic Capital will acquire 52 percent of the business while another partner, Washington-based private equity firm The Carlyle Group, will own 28 percent. McDonald's will retain a 20 percent stake.
