BRIEF: Burger King owner RBI buys out China master franchisee
Restaurant Brands International Inc. (QSR.US) (RBI) said on Tuesday that it had acquired all shares of the operator of its Burger King chain in Mainland China for $158 million from TFI Asia and Cartesian, and has begun looking for a new local partners.
The move means RBI, whose brands include Burger King and Popeyes, is now the sole owner of its Burger King master franchisee for the China market. “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,”said Rafael Odorizzi, president of Asia Pacific for RBI.
The takeover comes less than a year after RBI similarly took over the China operation of its Popeyes fried chicken chain from its local master franchisee, also saying it would look for a new partner for the business.
RBI is one of the world’s largest fast food restaurant operators with nearly $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. In addition to Burger King and Popeyes, its other major chains include Tim Hortons and Firehouse. There were 1,474 Burger King restaurants in China at the end of last year.
RBI shares closed down 2.3% at $63.19 in the U.S. on Tuesday.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
