Walkers advises Trustar Capital on a series of transactions involving its portfolio investment, McDonald’s mainland China, Hong Kong, and Macau businesses

Jan 23, 2025

Blue and purple smoke swirled in the water.

Walkers has acted as Cayman Islands and BVI counsel to Trustar Capital, private equity affiliate of CITIC Capital Holdings Limited (CITIC Capital), on a series of transactions involving its portfolio investment, McDonald’s mainland China, Hong Kong, and Macau businesses (McDonald’s China).

These transactions include the acquisition from CITIC Limited (0267.HK) of all of its equity interests in McDonald’s China for a total consideration of approximately US$430 million. Upon completion of the transactions, Trustar Capital and CITIC Capital will collectively hold 52% of the equity interests in McDonald’s China, with the remaining 48% held by McDonald’s Corporation.

As part of the transaction, Trustar Capital has also raised a significant continuation fund to increase and restructure its investment in McDonald's China. Walkers advised Trustar Capital on the Cayman Islands law aspects of these fund and secondary transactions.

The Walkers team, working alongside lead counsel Gibson, Dunn & Crutcher LLP and the Trustar Capital legal and compliance team led by Emily Chiu, was led by partner John Cartwright, with support from associates Cynthia Lui, Flora Lo and senior paralegal Lirann Tse.