Restaurant Brands International is forming a Burger King China joint venture with CPE

International restaurant brands It announced on Monday that it will form a joint venture with CPE, a Chinese alternative asset management firm, to operate Burger King restaurants in China.

Earlier this year, a subsidiary of Restaurant Brands acquired equity stakes from its former Burger King China partners, Turkey-based operator TFI and US-based private equity firm Cartesian Capital, for approximately $158 million in cash. At the time, the company said it planned to find a local operator as a partner.

Under the terms of the deal, CPE will own approximately 83% of Burger King China. Restaurant Brands will own a minority stake of about 17%, as well as a seat on the board of directors.

When the deal closes, CPE plans to invest $350 million in the joint venture. This investment will go towards a number of areas, from marketing to menu innovation, in addition to restaurant expansion. Over the next decade, the joint venture aims to double the burger chain’s footprint in the market, from about 1,250 locations today to more than 4,000 by 2035.

“CPE is a well-capitalized, proven company with exceptional leadership and extensive consumer and restaurant experience, making it an ideal partner to fuel Burger King China’s next chapter of growth,” Josh Kobza, CEO of Restaurant Brands, said in a statement.

The transaction is expected to close in the first quarter of 2026, pending regulatory approval.

For decades, China’s large population and rapidly growing economy have made it an attractive market for American companies, including restaurant chains. But in recent years, the economic slowdown has prompted some companies to rethink their strategies. a week ago, Starbucks It announced plans to form its own joint venture for its China business with Boyu Capital, a local alternative asset management firm.