McDonald’s is selling off most of its China business in a deal worth as much as $2.1 billion.

Citic, a massive Chinese financial firm, is taking the majority stake in McDonald’s (MCD) operations in mainland China and Hong Kong.

U.S. private equity giant The Carlyle Group, is also buying into the investment combo, taking a 28% stake. McDonald’s will hold the remaining 20% of the business.

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