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McDonald’s Sells Majority Stake in China Businesses to Citic and Carlyle

A New McDonald's Drive-Thru Facility Opens In BeijingA New McDonald's Drive-Thru Facility Opens In Beijing
A McDonald's employee hands out food as she waits on customers at their drive-thru facility on Jan. 19, 2007 in Beijing, China. Guang Niu/Getty Images

Citic Ltd and Carlyle Group LP (CG) would buy a majority interest in McDonald’s (MCD) mainland China and Hong Kong businesses for $2.08 billion, the companies said.

Citic Ltd and Citic Capital will have a stake of 52%, while Carlyle and McDonald’s will own 28% and 20%, respectively in the businesses.

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Reuters reported in December that McDonald’s was looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores.