RBI buys out Burger King China for $158MRBI buys out Burger King China for $158M

Restaurant Brands International Inc., parent to the Burger King quick-service brand and others, has acquired from TFI Asia Holdings BV and Cartesian’s Pangaea Two Acquisition Holdings XXIII Ltd. all their equity interests in Burger King China for about $158 million in an all-cash transaction.

Toronto-based RBI now owns nearly 100% of the China business and will engage advisers to identify a new local partner to inject primary capital and become the controlling shareholder.

The company said the move aligns with RBI's long-term strategy of partnering with local operators while maintaining a primarily franchised business.

Restaurant Brands International said TFI had been a valued partner in Burger King's expansion in China, helping the brand grow from 60 restaurants in 2012 to about 1,500 today and will continue expanding its operations in Turkey as one of RBI's largest business partners worldwide.

Cartesian has also played an important role supporting Burger King's development in the market, and RBI continues to be a partner with Cartesian in growing the Tim Hortons business in China.

"We are thankful for TFI's and Cartesian's partnership over the years and their role in expanding the brand in China," Rafael Odorizzi, president of Asia Pacific for RBI, said in a statement. "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.”

Restaurant Brands International has more than 32,000 restaurants in more than 120 countries and territories. It also owns the Tim Hortons, Popeyes Louisiana Kitchen and Firehouse Subs brands.

Contact Ron Ruggless at [email protected]

Follow him on X/Twitter: @RonRuggless