Investing.com -- Restaurant Brands International (NYSE:QSR) (RBI) has acquired the equity interests in Burger King China from TFI Asia Holdings BV and Pangea Two Acquisition Holdings XXIII.
The all-cash deal was finalized for approximately $158 million, giving RBI near-total ownership of the business.
The company plans to engage advisors to assist in finding a new local partner. The objective is to inject primary capital into the business, with the new partner becoming the controlling shareholder.
Despite the change in ownership, TFI will continue assisting Burger King in expanding its operations in Turkey.
In addition to the Burger King China acquisition, RBI will continue its partnership with Cartesian. The aim is to further grow the Tim Hortons business in China.
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