News Release

McDonald’s to Acquire Carlyle’s Stake in McDonald’s China

CHICAGO, IL / HONG KONG, November 20, 2023 - McDonald's Corporation (NYSE: MCD) and global investment firm Carlyle (NASDAQ: CG) today announced that McDonald’s has agreed to acquire Carlyle’s minority ownership stake in the strategic partnership that operates and manages McDonald’s business in mainland China, Hong Kong and Macau.

The CITIC Consortium, through its equity affiliate CITIC Capital, will maintain its controlling ownership stake. 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.

“Our strategic partnership with CITIC and Carlyle has been extremely successful in growing McDonald’s presence in the region since it began. China is now our second largest market; we've doubled our restaurants to more than 5,500 since 2017,” said Chris Kempczinski, McDonald’s President and Chief Executive Officer. “We believe there is no better time to simplify our structure, given the tremendous opportunity to capture increased demand and further benefit from our fastest growing market’s long-term potential.”

The business has generated Systemwide sales growth of more than 30% in the market year-to-date since September 2019. Going forward, the partners will continue working together as the brand executes on its Accelerating the Arches growth strategy in the market, working to deliver on a commitment to develop and open new restaurants and foster deeper engagement with customers.

“We very much appreciate the strong partnership we have had with CITIC Capital and McDonald’s Corporation. Together, we transformed the business, accelerating its growth profile and revolutionizing its digital marketing and operational capabilities,” said X.D. Yang, Chairman of Carlyle Asia. “The business has always delivered outstanding results and we wish them every success on their next phase of growth.”

“As McDonald’s China’s controlling shareholder, we are thrilled by McDonald's Corporation's continued commitment to our long-term partnership and the China market,” said Yichen Zhang, Chairman and CEO of CITIC Capital and Chairman of McDonald's China.” As we reach towards our goal of 10,000+ restaurants by 2028, we are more confident than ever in our ability to serve the Chinese consumer with McDonald's iconic taste.”

The deal is contingent upon customary regulatory approvals and is expected to close in the first quarter of 2024.



McDonald’s is the world’s leading global foodservice retailer with over 40,000 locations in over 100 countries. Approximately 95% of McDonald’s restaurants worldwide are owned and operated by independent local business owners.



Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $382 billion of assets under management as of September 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at . Follow Carlyle on X @OneCarlyle.



Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD17.6 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 290 portfolio companies that span 11 sectors and employ over 600,000 people around the world.



McDonald’s Corporation:

Carlyle: Lonna Leong, +852 9023 1157,

CITIC Capital: Cindy Tam, +852 3710 6813,


Forward-Looking Statements

This press release contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding McDonald’s plans, strategies, prospects and expectations regarding its business and industry, including expected timing and the anticipated financial and other benefits of the proposed transaction with Carlyle, are forward-looking statements. They reflect McDonald’s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, McDonald’s does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. McDonald’s business results are subject to a variety of risks, including those that are described in its Quarterly Report on Form 10-Q for the quarter ended September 31, 2023 and subsequent filings with the Securities and Exchange Commission.

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