Restaurant Brands Acquires Equity Interests In Burger King China From TFI Asia, Pangaea

(RTTNews) - Restaurant Brands International Inc. (QSR), a service restaurant company, Tuesday announced that a subsidiary of RBI has acquired from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd. all their equity interests in Burger King China for approximately $158 million in an all-cash transaction.

RBI now owns nearly 100 percent of the business and plans to hire advisors to find a new local partner who will invest and take majority control. The plan aligns with RBI's strategy of working with experienced local operators while focusing on a franchise-based model.

TFI has played a key role in Burger King's growth in China, expanding the brand from around 60 locations in 2012 to about 1,500 today. It will continue to grow its operations in Turkey as one of RBI's largest global partners.

Cartesian has been key to Burger King's growth in the market, and RBI remains its partner in expanding the Tim Hortons brand in China.

In the pre-market trading, Restaurant Brands is 1.21% higher at $65.30 on the New York Stock Exchange.