McDonald’s Corp. MCD said Monday it has agreed to acquire Carlyle’s CG minority stake in the partnership that operates and manages its business in Mainland China, Hong Kong and Macau. The fast food giant said the CITIC Consortium will retain its controlling stake but McDonald’s will boost its stake to 48% from 20%. “Our strategic partnership with CITIC and Carlyle has been extremely successful in growing McDonald’s presence in the region since it began. China is now our second largest market; we’ve doubled our restaurants to more than 5,500 since 2017,” said Chris Kempczinski, McDonald’s president and CEO in a statement. The deal is expected to close in the first quarter of 2024. McDonald’s stock was flat premarket but has gained about 5% in the year to date, while the S&P 500 SPX has gained 17.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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