Kirkland & Ellis and Cleary Gottlieb Steen & Hamilton have assumed the lead roles in a $2.1 billion deal in which McDonald’s Corp. will sell a controlling stake of its China and Hong Kong business.
In a cash and share deal announced Sunday, an investor consortium led by state-owned Chinese conglomerate CITIC Ltd. agreed to buy an 80 percent stake in the fast-food restaurant chain’s China business. CITIC and its investment arm CITIC Capital Holdings will hold a majority 52 percent stake in the business; The Carlyle Group will hold a 28 percent stake; and McDonald’s will retain a 20 percent stake.
