McDonald's Corp (MCD  ) has agreed to acquire global investment firm Carlyle Group Inc's (CG  ) minority ownership stake in the strategic partnership that operates and manages McDonald's business in mainland China, Hong Kong and Macau. The financial details of the transaction were not revealed.

Meanwhile, the CITIC Consortium, through the CITIC Capital, will continue to hold its controlling ownership stake of 52%.

After the completion of the transaction, McDonald's will remain a minority partner while raising its stake from 20% to 48% ownership.

"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," said President and CEO Chris Kempczinski.

The business has generated systemwide sales growth of more than 30% in the market year-to-date since September 2019.

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

Price Action: MCD shares are trading higher by 0.59% at $277.38 on the last check Monday.