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McDonald's sets to sell out 80% of its assets in China

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McDonald's sets to sell out 80% of its assets in China

U.S. fast food chain McDonald's is likely to sign today an agreement on the sale of 80% of its operating business in China to a consortium of companies Citic Group and Carlyle Group, Bloomberg reports on Monday citing an anonymous source.

The price of the deal will amount to approximately $2 billion, including McDonald's indebtedness.

Meanwhile, McDonald's will preserve a 20% stake in a newly established joint enterprise. Share of Citic, a company enjoying a government support, will total 58%, while Carlyle will get a 28% stake in the enterprise.

The contract conditions might still be altered, the sources say. However, McDonald's representatives failed to immediately comment on this information.

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