US fast-food giant McDonald's will sell its mainland China and Hong Kong franchise business to a consortium of Citic Group and the Carlyle Group for up to $2.08 billion, the companies said Monday. 

Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald’s will form a company that will act as the franchisee responsible for the chain’s business in mainland China and Hong Kong for 20 years, Citic Limited said in a statement to the Hong Kong stock exchange. 

Citic and Citic Capital will have a controlling stake of 52 percent, Carlyle will have 28 percent, and McDonald’s will hold 20 percent of the new company.