Customers wait for their takeout food outside a McDonald's restaurant during the May Day holiday on May 1, 2022 in Beijing, China.
McDonald's is buying Carlyle's stake in its China business, increasing its minority share from 20% to 48% ownership.
The fast-food giant sold off control of its restaurants in mainland China, Hong Kong and Macau in 2017 for $2.1 billion.
At that time, Citic, a state-owned investment firm, took the majority stake, while private equity giant Carlyle bought a 28% stake.
Citic still retains its 52% stake in the business.
Persons:
Carlyle, McDonald's, Citic, Chris Kempczinski
Locations:
Beijing, China, Hong Kong, Macau