By Colin Kellaher

McDonald's is raising its stake in McDonald's China to 48% from 20% by buying investment-firm Carlyle's 28% interest in the partnership.

McDonald's on Monday said the Citic Consortium will maintain its 52% controlling ownership stake in the partnership, which operates and manages the fast-food chain's business in mainland China, Hong Kong and Macau.

McDonald's didn't disclose terms of the deal, which the Oak Brook, Ill., company expects to complete in the first quarter of 2024.

McDonald's sold an 80% stake in its China operations to Citic and Carlyle in a 2017 deal that valued the business at more than $2 billion.

China is now the fast-food chain's second largest-market, with its restaurants doubling to more than 5,500 since 2017.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 20, 2023 09:02 ET (14:02 GMT)

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