The Wall Street Journal: McDonald’s selling majority stake in China business for up to $2 billion

McDonald’s Corp. was one of the first American brands to strike gold in China, becoming a symbol of China’s opening to the West. Now it is handing over the reins here to a Chinese state-owned enterprise, in a deal that would value the business at up to $2.08 billion.

The Oak Brook, Ill., chain said Monday it is selling an 80% stake in its China operations to a group that includes Citic Ltd., its investment-management arm Citic Capital Holdings and U.S. private-equity giant Carlyle Group LP CG, +2.15% . The Citic companies 0267, +1.24% will own a combined 52% stake, while Carlyle will own 28%.

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