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McDonald's sells China operations for $2.08 bn 

Jan 09. 2017
(FILES) This file photo taken on September 10, 2016 shows a McDonald's restaurant in Gettysburg, Pennsylvania. / AFP PHOTO
(FILES) This file photo taken on September 10, 2016 shows a McDonald's restaurant in Gettysburg, Pennsylvania. / AFP PHOTO
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By Agence France-Presse

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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 $2.08 billion, the companies said 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.

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