CITIC-Carlyle near deal for McDonald's China

A consortium led by private-equity firm Carlyle Group and Chinese conglomerate CITIC Group Corp has neared a deal to buy McDonald's Corp's stores in the Chinese mainland and Hong Kong for up to $3 billion, a source with direct knowledge of the matter said.

The deal is likely to be signed before Christmas, the source said.

Reuters reported in October that US buyout firms Carlyle and Bain Capital LLC had been the front runners among the bidders for the fast-food giant's China assets.