McDonald's Corporation's China business, now under new ownership of CITIC Ltd. and Carlyle Group, is planning to drive double-digit sales growth in each of the next five years and to increase the number of its restaurants to 4,500 from 2,500 currently.
Chinese financial services group CITIC Ltd. and its alternative investment unit CITIC Capital Holdings teamed up with the Carlyle Group in January to acquire McDonald’s mainland China and Hong Kong business for up to US$2.08 billion. The deal was completed today.
Upon completion, CITIC and CITIC Capital would have a controlling stake of 52% of McDonald's mainland China operations, with 2,500 restaurants, and Hong Kong unit, with 240 restaurants. Carlyle and McDonald’s would each own interests of 28% and 20%, respectively, according to previous disclosures.
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