CHINA’S state-owned Citic has agreed to sell its 19.23 per cent stake in the company that operates fast-food chain McDonald’s across China and Hong Kong for US$430.3 million, fully exiting the business.
It will sell the stake in Fast Food Holdings to a unit of Chinese private equity firm Trustar Capital Partners, Citic said in a statement.
Fast Food Holdings owns 52 per cent of the holding company managing McDonald’s businesses in mainland China and Hong Kong.
The divestment comes after four years, when a unit of Citic had put up for sale a stake it held in Fast Food Holding, intending to raise about US$312 million.
In 2017, McDonald’s sold a majority stake in its China and Hong Kong operations to Citic, its investment arm Citic Capital, now known as Trustar, and Carlyle, in a deal valued at US$2.1 billion at the time.
McDonald’s in 2023 increased its stake in the Chinese business to 48 per cent by buying Carlyle’s 28 per cent share, valuing the stake at US$6 billion. REUTERS
