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

January 9, 2017, 6:19 AM UTC
A New McDonald's Drive-Thru Facility Opens In Beijing
BEIJING - JANUARY 19: A McDonald's employee hands out food as she waits on customers at their new drive-thru facility on January 19, 2007 in Beijing, China. McDonald's opened its first restaurant in mainland China in 1990, in Shenzhen, Guangdong province and now operates 760 restaurants countrywide, which employ over 50,000 people. (Photo by Guang Niu/Getty Images)
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.

For more on the latest on McDonald’s, watch Fortune’s video:

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.

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