McDonald's sells China operations for US$2.08b
[BEIJING] US fast-food giant McDonald's will sell its mainland China and Hong Kong franchise business to a consortium of Citic Group and the Carlyle Group for up to US$2.08 billion, the companies said on Monday.
Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years, Citic Limited said in a statement to the Hong Kong stock exchange.
Citic and Citic Capital will have a controlling stake of 52 per cent, Carlyle will have 28 per cent, and McDonald's will hold 20 per cent of the new company.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
China bubble-tea chain Chabaidao plunges on Hong Kong debut
Japan’s 7-Eleven convenience chain targets aggressive global growth
Parental fury after stem cell bank ruins thousands of samples in Singapore
China’s bubble tea boom creates a half-dozen billionaires
US sues to block Coach owner’s US$8.5 billion buyout of Versace parent
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO