McDonald’s said on Monday it had agreed to acquire investment firm Carlyle Group’s minority stake in the partnership that manages the burger chain’s business in mainland China, Hong Kong and Macau.
McDonald’s said a consortium led by CITIC will maintain its controlling ownership and continue to own 52% of the business. McDonald’s will remain a minority partner, increasing its stake from 20% to 48%.
The burger chain in 2017 had agreed to sell 80% of its China and Hong Kong businesses to state-backed conglomerate CITIC Ltd, its investment arm CITIC Capital and Carlyle for up to $2.1 billion.
McDonald’s currently has 5,500 stores in China.