Jan 9, 2017
McDonald's agrees China franchise sale
China's state-owned investment group Citic, and US private equity firm Carlyle Group, will take control of the operations in a deal valued at $2.1bn. McDonald's owns and operates about 65% of its 2,000 China outlets. In March last year, the firm said it was seeking partners to help it add more than 1,500 restaurants in China, Hong Kong and Korea over the next five years. Under the agreement signed Monday, the US fast food giant will keep a 20% stake in its China business. The owner of KFC and Pizza Hut, is also restructuring its China business. Both McDonald's and Yum Brands have been facing increasing competition from cheaper local rivals, particularly in China, where they are trying to recover from food safety scares.
Make a complaint about McDonald's by viewing their customer service contacts.