TORONTO, Feb. 18, 2025 /PRNewswire – Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) announced today that it has completed an all-cash acquisition of Burger King China from TFI Asia Holdings BV (“TFI”) and Pangaea Two Acquisition Holdings XXIII, Ltd (“Cartesian”) for approximately $158 million.
As a result of this transaction, RBI now owns nearly 100% of Burger King China. The company plans to hire advisors to help identify a new local partner to invest primary capital into the business, with the goal of making this partner the controlling shareholder. This move is part of RBI’s long-term strategy to collaborate with experienced local operators while maintaining a predominantly franchised business model.
TFI has been instrumental in expanding Burger King’s presence in China, helping the brand grow from about 60 locations in 2012 to around 1,500 today. TFI will continue to focus on expanding Burger King’s operations in Turkey, where it remains one of RBI’s largest global business partners.
Cartesian has also played a key role in supporting Burger King’s development in China and will continue its partnership with RBI in growing the Tim Hortons brand in the country.
“We are grateful for TFI and Cartesian’s contributions to Burger King’s growth in China,” said Rafael Odorizzi, President of Asia Pacific for RBI. “This acquisition marks a new chapter for Burger King in China and reflects our commitment to long-term expansion in the region. We look forward to identifying a new local operating partner and continuing to provide high-quality food and exceptional experiences for our guests across China.”
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