Since 2012, TFI has helped grow the brand from 60 restaurants to 1,500. Credit: Freer/ Shutterstock.

Restaurant Brands International (RBI), the parent company of Burger King, Tim Hortons and Popeyes, has announced that one of its subsidiaries has acquired Burger King China from its local franchisee TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII (Cartesian) for $158m. 

RBI now fully owns the equity interests previously held by the two companies, giving it greater control over Burger King’s operations in China.  

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The company stated that it would engage advisors to help identify a suitable local partner to invest primary capital in Burger King China and become the controlling shareholder. 

The move is part of RBI’s long-term strategy to maintain a primarily franchised business model while leveraging the expertise of local operators.  

RBI president of Asia Pacific Rafael Odorizzi stated: “We are thankful for TFI’s and Cartesian’s partnership over the years and their role in expanding the brand in China.  

“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 as we identify a new local operating partner. We are committed to offering our guests high-quality food and exceptional experiences in welcoming restaurants across China.” 

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TFI Asia Holdings BV and Cartesian have been instrumental in Burger King’s rapid expansion in the country.  

Since 2012, TFI has helped grow the brand from 60 restaurants to 1,500.  

Despite divesting its interests in Burger King China, TFI remains one of RBI’s largest business partners and will continue to expand its operations in Turkey. 

Cartesian has also contributed to Burger King’s development in the Chinese market. BK China holds the exclusive master franchise rights for Burger King for all mainland China, excluding Hong Kong and Macau. BK China is the largest franchisee of Burger King in the world.   

RBI will continue its partnership with Cartesian in growing the Tim Hortons business in China.  

In February 2025, RBI reported total revenues of $2.29bn for the fourth quarter ended 31 December 2024 – a 26.2% increase from $1.82bn in the same period of 2023.