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Kirkland & Ellis, Haiwen & Partners, Morrison Foerster and JunHe are advising on the USD350 million sale of an 83% stake in Burger King’s China operations to Beijing-based private equity firm CPE. Restaurant Brands International (RBI), Burger King’s parent company, reached the agreement with CPE on 10 November, and the two parties will set up a new joint venture called Burger King China.
The transaction is expected to close in the first quarter of 2026, at which point CPE will take control of the China business while RBI will retain a 17% minority position. As part of the arrangement, a wholly owned subsidiary of Burger King China will enter into a 20-year master development agreement granting exclusive rights to expand the brand across China. Kirkland and Haiwen are representing RBI, with Haiwen handling PRC matters under the lead of Shanghai-based partner He Fan.
Morrison Foerster and JunHe are acting for CPE, with the work led by Shanghai managing partner Sun Chuan and Hong Kong partner Lin Xiaoxi, supported by New York partner Joseph Sulzbach. RBI said proceeds from the USD350 million sale will be used to accelerate restaurant openings, strengthen marketing, fuel menu innovation and improve overall operations. The company added that Burger King China aims to double its footprint to more than 2,500 stores within five years and exceed 4,000 locations by 2035.
Earlier this year, RBI purchased the remaining shares of Burger King China held by TFI Asia Holdings and Pangaea Two Acquisition Holdings XXIII for USD158 million, a step that helped enable the current deal. Alongside Burger King, RBI also owns global brands such as Tim Hortons and Popeyes. CPE, meanwhile, is a major private equity investor with a portfolio that includes well-known consumer names such as MIXUE Group, Laopu Gold and Pop Mart. RBI CEO Joshua Kobza said the firm views CPE’s strong consumer and restaurant track record as a valuable foundation for driving Burger King’s growth across China.
Source: Law.Asia
