Chinese financial services group CITIC Ltd. and its alternative investment unit CITIC Capital Holdings have teamed up with the Carlyle Group to acquire McDonald’s mainland China and Hong Kong business for up to US$2.08 billion to revamp and grow the U.S. fast-food giant's operations in China, the firms announced today.
After the completion of the transaction, CITIC and CITIC Capital will have a controlling stake of 52%, while Carlyle and McDonald’s will have interests of 28% and 20%, respectively.
The four companies have formed a partnership and company that will act as the master franchisee responsible for McDonald’s businesses in mainland China and Hong Kong for a term of 20 years.
The buyers will settle the payment by cash and by new shares...
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