McDonald’s gives up control of its China business in $2 billion deal

[FILE] An exterior photograph of a new style McDonald's Restaurant in Atlanta, Georgia.McDonald’s is selling off most of its China business in a deal worth as much as $2.1 billion. Citic, a massive Chinese financial firm, is taking the majority stake in McDonald’s operations in mainland China and Hong Kong. U.S. private equity giant The Carlyle Group, is also buying into the investment combo, taking a 28% stake. McDonald’s will hold the remaining 20% of the business. McDonald’s CEO Steve Easterbrook said the fast food company’s new partners would bring a better understanding of the Chinese market. Customers in China could also see changes soon. McDonald’s says “menu innovation” and using digital technology are priorities for the new Chinese business. More