Carlyle Exits China McDonald’s Stake With 6.7 Times Return

Carlyle Group Inc. agreed to sell its entire stake in McDonald’s Corp.’s China operation to the hamburger chain operator for about $1.8 billion, reaping a 6.7 times return in one of the investment giant’s best exits from the Asian nation.

McDonald’s offer for Carlyle’s stake trumped an earlier sale plan, according to people familiar with the matter. The transaction was announced on Monday without mentioning the price. Carlyle was originally planning to offload part of its 28% stake along with a holding by Citic’s private equity arm Trustar Capital in a $4 billion deal that involved setting up a ...