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Big share shake-up for McDonald鈥檚 in the Chinese mainland and Hong Kong
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CHINESE state conglomerate CITIC Group and its investment subsidiary and US private equity firm Carlyle Group have announced they will acquire a majority stake in a new company that runs McDonald's outlets in China's mainland and Hong Kong in a deal involving a total payment of up to US$2.08 billion by the consortium.
The new company will act as a master franchisee to operate about 1,750 stores in China's mainland and Hong Kong for the next 20 years.
CITIC Group and CITIC Capital will hold a combined 52 percent stake in the new company with Carlyle Group holding 28 percent and McDonald’s Corporation having the rest 20 percent.
The deal is contingent upon relevant regulatory approvals and is expected to close in mid-2017.
McDonald's China said it intends to add over 1,500 restaurants in China and Hong Kong over the next five years, with focus on key areas such as menu innovation, enhanced restaurant convenience, retail digital leadership and delivery.
McDonald follows suit of its arch rival Yum Brand's move to a less capital-intensive franchise model and is offering a 20-year franchise to buyers.
"By working together, we will unlock even faster growth and be closer to the customers and communities we serve as McDonald’s works to be the leading Quick Service Restaurant across the Chinese mainland and Hong Kong," McDonald’s CEO Steve Easterbrook said in an email statement.
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