RBI acquires full ownership of Burger King China for $158m

It now seeks a new local partner as the controlling shareholder.

Restaurant Brands International Inc. (RBI) has announced that it has acquired all equity interests in Burger King China from TFI Asia Holdings BV (TFI) and Pangaea Two Acquisition Holdings XXIII Ltd (Cartesian), for approximately $158m in cash.

With this acquisition, RBI now owns nearly 100% of Burger King China and plans to find a new local partner to invest capital and become the controlling shareholder. 

The strategy aligns with RBI's focus on working with experienced local operators whilst maintaining a largely franchised model.

TFI played a crucial role in expanding Burger King’s presence in China, growing the brand from 60 restaurants in 2012 to nearly 1,500 today. TFI will continue to expand Burger King in Turkey and remain a significant partner for RBI.

Cartesian also contributed to Burger King’s development in China and continues to work with RBI on expanding Tim Hortons in the country.

“This transaction marks the beginning of a new chapter for Burger King in China and reinforces our commitment to long-term growth in the region as we identify a new local operating partner,” said said Rafael Odorizzi, president of Asia Pacific for RBI.

“We are committed to offering our guests high quality food and exceptional experiences in welcoming restaurants across China.”