China – Restaurant Brands International Inc. (RBI) is selling a majority stake in Burger King China to Chinese investment firm CPE as part of a joint venture aimed at accelerating the brand’s expansion in the country.
CPE brings local market expertise, operational experience, and significant capital to support growth. As part of the deal, CPE will invest $350 million in the joint venture to fund restaurant expansion, marketing, menu innovation, and operations.
The partnership aims to grow Burger King’s presence in China from around 1,250 locations today to over 4,000 by 2035, doubling the restaurant count within five years.
The development also strengthens RBI’s visibility toward achieving its previously announced 5%+ net restaurant growth target for its 2024–2028 outlook period and aligns with its strategy to simplify and expand its franchised business model globally.
Mark Mao, managing director of CPE, said, “Burger King is a world-renowned brand with enduring appeal among Chinese consumers. Our investment reflects our confidence in Burger King’s long-term potential in China. Leveraging our commitment and deep understanding of the Chinese consumer, we aim to bring Burger King’s flame-grilled burgers to even more guests across the country.”
Following the transaction, CPE will hold an 83% stake in the business, while RBI retains a 17% minority stake and a seat on the board.
A 20-year master development agreement will grant the joint venture exclusive rights to develop the Burger King brand in China. RBI will begin recognising royalties from the business in its international segment, gradually reaching the full historical rate.
“China remains one of the most exciting long-term opportunities for Burger King globally. Our recent investments and this joint venture underscore our confidence in the Chinese market,” said Joshua Kobza, CEO of RBI.
“CPE is a well-capitalised, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth. Together, we can unlock the business’s full potential by combining our iconic brand and global scale with CPE’s local market and operational expertise,” he added.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals. Morgan Stanley & Co. LLC serves as RBI’s exclusive financial advisor, with legal support from Kirkland & Ellis LLP and Haiwen & Partners, while Morrison & Foerster LLP and JunHe LLP advise CPE.
