The fast-food giant sold off control of its restaurants in mainland China, Hong Kong and Macao in 2017 for $2.1 billion. It was part of McDonald’s broader strategy to own fewer restaurants, leaving it to franchisees with knowledge of local markets to run their own locations.
At that time, Citic, a state-owned investment firm, took the majority stake, while private equity giant Carlyle bought a 28% stake. McDonald’s held on to 20% of the business.
Financial terms of the deal announced Monday were not disclosed. The deal is expected to close in the first quarter of 2024, assuming regulators approve it. Citic still retains its 52% stake in the business.
“We believe there is no better time to simplify our structure, given the tremendous opportunity to capture increased demand and further benefit from our fastest growing …