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Financings

RBI and CPE Announce Joint Venture to Reignite Growth at Burger King(TM) in China

By The Northwire Desk — AI Analysis Nov 10, 2025 · 06:30 QSR · 95.1 RESTAURANT BRANDS INTERNATIONAL INC
QSR · Price

Executive Summary

  • Restaurant Brands International (RBI) announced a joint venture with CPE, wherein CPE will invest $350 million of primary capital to expand Burger King China.
  • The partnership targets growth from ~1,250 restaurants to over 4,000 locations by 2035, effectively more than tripling the footprint.
  • Upon closing (expected Q1 2026), CPE will own ≈83% of Burger King China and RBI will retain a ≈17% minority stake plus a board seat; royalties will begin flowing to RBI’s International segment.

Key Details

  • Investment Amount: $350 million primary capital from CPE.
  • Ownership Structure Post‑Closing: CPE ~83%; RBI ~17% with board representation.
  • Growth Objective: Double restaurant count within five years and exceed 4,000 restaurants by 2035.
  • Current Footprint: Approximately 1,250 Burger King restaurants in China (as of announcement).
  • Development Agreement: A wholly‑owned affiliate of Burger King China will sign a 20‑year master development agreement granting exclusive rights to develop the brand in China.
  • Royalty Recognition: RBI will start recognizing royalties from the JV in its International segment, with a step‑up to the full historical royalty rate over time.
  • Closing Timeline: Expected in Q1 2026, subject to customary regulatory approvals.
  • Strategic Rationale: Aligns with RBI’s goal of a simplified, highly franchised model and supports its disclosed 5%+ net restaurant growth target for the 2024‑2028 outlook period.
  • Advisors: Morgan Stanley & Co. LLC (financial advisor to RBI); Kirkland & Ellis LLP & Haiwen & Partners (legal counsel to RBI); Morrison & Foerster LLP & JunHe LLP (legal counsel to CPE).

Notable Quotes

  • “China remains one of the most exciting long‑term opportunities for Burger King globally… CPE is a well‑capitalized, proven operator… an ideal partner to fuel the next chapter of Burger King China’s growth.” – Joshua Kobza, CEO, RBI
  • “Our investment reflects our confidence in Burger King's long‑term potential in China… we aim to bring Burger King's flame‑grilled burgers to even more guests across the country.” – Mark Mao, Managing Director, CPE
Read the original news release →

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