A unit of Chinese financial services group CITIC Group has agreed to acquire a 16.7% stake in Beijing Capital Agribusiness Group, in a deal structured to strengthen partnerships to manage and grow McDonald’s mainland China and Hong Kong business, according to Chinese media reports citing insiders.
The investment will be completed in two tranches with expected deal value of around RMB2 billion (US$291 million). The deal is still pending approval by regulators.
The stake purchase solidifies CITIC and Sunlon's strategic partnership, as the two plans to revamp the supply chain of McDonald's and integrate the fast food chain's online and offline operations. Sunlon's agricultural e-commerce platform could also provide another online channel for McDonald's.
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