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McDonald's Sells China Business for $2 Billion

Fast-food giant McDonald's is selling a controlling stake in its mainland China and Hong Kong business, a deal worth more than $2 billion. The companies involved in the transaction announced the sale Monday. Chinese state-owned Citric and Citric Capital will acquire 52 percent of the business, while The Carlisle Group, a U.S.-based private equity firm will own 28 percent, leaving McDonald's with a 20 percent interest. McDonald's said in a statement the formation of the...

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