McDonald’s is taking a bigger chunk of China.
The burger giant on Monday said it has agreed to acquire the stake in its China operator currently owned by Carlyle. Terms of the deal were not disclosed.
After the deal, McDonald’s will own 48% of McDonald’s China. CITIC Consortium, a state-owned conglomerate, will continue to own 52% of the partnership.
Chris Kempczinski, McDonald’s CEO, called the partnership “extremely successful in growing McDonald’s presence in the region.” The number of restaurants McDonald’s operates in the country has doubled since 2017 to more than 5,500 locations.
The company’s goal is to grow the number of locations to more than 10,000 by 2028.
McDonald’s, among other fast-food chains, is intent on growing rapidly in China, the world’s second-largest economy.
The company sold its China operations to a partnership between CITIC and Carlyle for just over $2 billion in 2017. McDonald’s at the time retained 20% ownership in the company.
The deal with Carlyle is expected to close in the first quarter of next year and is subject to regulatory approvals.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.