By Wayne Ma and Kane Wu

McDonald's Corp. said Monday that it has reached a deal to sell a controlling stake in its China operations to an investor group led by Citic Ltd., one of China's largest state-owned companies.

McDonald's would sell an 80% stake in the operations, which would value it as high $2.08 billion.

The investor group includes Citic Capital Holdings, a unit of the conglomerate, and private-equity giant Carlyle Group, which is helping to bankroll the deal. The Citic companies will have a majority stake of 52%, while Carlyle will take a 28% stake.

Write to Wayne Ma at wayne.ma@wsj.com and Kane Wu at Kane.Wu@wsj.com

(END) Dow Jones Newswires

January 08, 2017 23:51 ET (04:51 GMT)

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