McDonald's Corporation (NYSE:MCD) agreed to acquire additional 28% stake in McDonald's China Management Limited from The Carlyle Group Inc. (NasdaqGS:CG) for $1.8 billion on November 20, 2023. Upon completion of the transaction, the CITIC Consortium will continue to own 52%, and McDonald's will remain a minority partner while increasing its stake from 20% to 48% ownership. The deal is contingent upon customary regulatory approvals and is expected to close in the first quarter of 2024. Morgan Stanley acted as financial advisor to The Carlyle Group Inc.

McDonald's Corporation (NYSE:MCD) completed the acquisition of 28% stake in McDonald's China Management Limited from The Carlyle Group Inc. (NasdaqGS:CG) on January 30, 2024. On completion, McDonald?s will remain a minority partner while increasing its ownership stake from 20% to 48% for $1.8 billion. The CITIC Consortium, mainly through its equity affiliate CITIC Capital, will maintain its controlling ownership stake of 52%. McDonald?s will continue to account for its investment under the equity method and will not consolidate the financial statements of the strategic partnership into its results. Pierre Arsenault and Jesse Sheley from Krikland & ELis and ZHOU, Hui, HE, Kan, Phyllis Xu and SUN, Zhen, Yung Yung Janet Hui and YANG, Chen from JunHe acted as legal advisers to Carlyle Group.