McDonald's deal to be done by August: CITIC

Updated 2017-06-15 10:02:42 Global Times

The acquisition of McDonald's Corp's business in China will be completed as soon as August, CITIC Group chairman Chang Zhenming has said, domestic news portal reported on Wednesday.

CITIC, CITIC Capital Holdings and U.S. private equity firm Carlyle Group LP reached a deal to buy an 80 percent stake in McDonald's Corp for .08 billion, which covers the company's business in the Chinese mainland and Hong Kong, CITIC announced earlier this year.

McDonald's has an enormous consumer base with a total of 800 million to 900 million globally per year, Chang said, noting that this will drive the business of CITIC Group in many sectors including credit cards, securities and bookstores, helping CITIC to expand its network.

As to whether Dah Chong Hong Holdings, a subsidiary of CITIC Group, will become the only supplier of McDonald's, Chang denied.

The fast food giant's global supply chain will continue because McDonald's is an international company, he said.

But there might be cooperation between Dah Chong Hong Holdings and McDonald's in the future, he added.

McDonald's entered China in 1990, and it now operates or franchises more than 2,400 outlets in the mainland with about 100,000 employees, according to earlier media reports.

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