Popeyes China currently operates 14 restaurants in Shanghai. Credit: Robert Way / Shutterstock.

Restaurant Brands International (RBI) has announced that it will acquire Popeyes China and will make a co-investment in Tims China to expand its presence in the country.

The two transactions will see an investment of $45m.

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RBI has agreed to purchase Popeyes China from Tims China for an enterprise value of $15m on a cash-free debt-free basis.

Since the opening of its first location in Shanghai in August 2023, Popeyes China has expanded to 14 restaurants.

RBI and Cartesian Capital have agreed to invest up to $50m into Tims China through three-year convertible notes.

 At closure, $40m will be issued, with the remaining funds to be provided over the following seven months, contingent on operational and financial conditions.

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The investment will grant RBI the right to appoint two directors to the Tims China board and increase its equity ownership to 18% on an as-converted basis.

These investments underscore RBI’s trategic focus on the Asia-Pacific region, following the recent appointment of Patrick Siewert as senior advisor for Asia-Pacific.

Restaurant Brands International Asia Pacific president Rafael Odorizzi said: “China is one of the most compelling long-term market opportunities for both our Popeyes and Tim Hortons brands.

“Popeyes China is off to a strong start and we are excited to unlock its development potential in one of the largest chicken QSR [quick service restaurant[ markets globally.

“Today’s announcement allows Tims China to redouble its focus on quality restaurant development and providing Chinese consumers with our high-quality Tims coffee and food offerings.”