McDonald's gives up control of China business

Posted online January 9, 2017 | 12:33 pm

McDonald's is selling off the majority of its business in China via deal worth as much as $2.1 billion.

Chinese financial firm Citic agreed to purchase a majority stake in McDonald's operations in mainland China and Hong Kong.

U.S. private equity giant The Carlyle Group is taking a 28 percent stake, and McDonald's will hold the remaining 20 percent.

Read more from CNNMoney.

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