Restaurant Brands International buys back Burger King China
The transaction price was approximately $158m in cash.
A Restaurant Brands International Inc. (RBI) subsidiary acquired equity interests of TFI Asia Holdings BV (TFI) and Pangaea Two Acquisition Holdings XXIII, Ltd. (Cartesian) in Burger King China for approximately $158m in an all-cash transaction.
“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 Rafael Odorizzi, president of Asia Pacific for RBI.
This in effect gives RBI nearly 100% ownership of the business. RBI said it will engage advisors to assist the company in identifying a new local partner to inject primary capital into the business and become the controlling shareholder.
TFI has been a partner in Burger King's expansion in China, helping the brand expand to ~1,500 today from ~60 restaurants in 2012 and will continue expanding its operations in Turkey as one of RBI's largest business partners worldwide.
Cartesian has also played an important role in 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.
