McDonald’s is selling off most of its China business in a deal worth as much as $2.1 billion.
CNN money reported that Citic, a massive Chinese financial firm, is taking the majority stake inMcDonald’s (MCD) operations in mainland China and Hong Kong.
U.S. private equity giant The Carlyle Group, is also buying into the investment combo, taking a 28% stake. McDonald’s will hold the remaining 20% of the business.
McDonald’s CEO Steve Easterbrook said the fast food company’s new partners would bring a better understanding of the Chinese market.
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