RBI Buys Burger King China for ~USD 158M; China Ranks Eighth Among Its International Markets
- Original publication date
- Feb 18, 2025
- Archive status
- Historical archive
- Original title
- RBI以11.4亿元收购汉堡王中国，中国在其国际市场中排名第八
- Original source
- FoodBud WeChat archive
- Original URL
- Open original
This is an English adaptation of a FoodBud historical article originally published on February 18, 2025.
For operators tracking franchise structures in China, RBI's move to take direct control of Burger King China — then seek a new local partner — signals a reset of the brand's China model.
The deal
On February 18, 2025, Restaurant Brands International (RBI) announced a new China plan for Burger King. An RBI subsidiary acquired the entire Burger King China equity held by TFI (TAB Gıda's Asia holding) and Cartesian (Pangaea Two Acquisition Holdings XXIII) for about USD 158M (~RMB 1.14 billion) in cash, bringing RBI to nearly 100% ownership.
RBI said it would then hire advisers to find a new local partner to inject the bulk of capital and become controlling shareholder — consistent with RBI's long-term strategy of working with experienced local operators under a primarily franchised model better suited to the China market.
Context on the partners
TFI helped grow Burger King in China from about 60 restaurants in 2012 to roughly 1,500 today; it will keep expanding in Türkiye and remains one of RBI's largest global partners. Cartesian also played a role in Burger King China and will continue working with RBI to develop Tim Hortons in China. RBI's APAC president Rafael Odorizzi framed the transaction as "the start of a new chapter" and a reinforcement of RBI's long-term commitment to the region.
RBI scale and China's place
RBI's FY2024 system-wide sales reached USD 44.476 billion (+5.4%), led by Burger King and Popeyes (PLK +11.0%). China ranked eighth among RBI's international markets: 2024 system sales of about USD 700M (~RMB 5.04 billion) across 1,474 stores, implying average unit volume of about USD 400,000 (~RMB 2.88M).
The takeaway: rather than continue with the prior ownership structure, RBI is buying out its partners to clean the cap table and re-launch Burger King China under a fresh, capital-backed local operator — a recurring pattern for global brands recalibrating a sub-scale China business.