McDonald's Acquires Carlyle's Minority Stake in China Business

McDonald's has agreed to acquire Carlyle Group Inc.'s minority stake in the partnership that operates the chain's business in mainland China, Hong Kong, and Macau for an undisclosed price. The deal is expected to close in the first quarter of 2024. McDonald's will increase its stake in the partnership to 48% from 20%, making it a minority owner. China has become McDonald's second-largest market, with the company doubling its locations there to over 5,500 since 2017, and aims to have more than 10,000 restaurants by 2028.