Kirkland & Ellis, Haiwen & Partners, Morrison Foerster and JunHe are assisting on the sale of Burger King’s 83% stake in its China operations to Chinese private equity firm CPE for USD350 million.
Restaurant Brands International (RBI), the parent company of Burger King, reached this agreement with CPE on 10 November, and they will establish a new joint venture named Burger King China.
The deal is expected to be completed in the first quarter of 2026, when CPE will assume control of Burger King’s China business, while RBI will retain a 17% minority stake. Under the agreement, the wholly owned affiliate of Burger King China will sign a 20-year master development agreement with exclusive rights to expand the brand in China.
Kirkland and Haiwen are counselling RBI, with the latter advising on PRC law, led by Shanghai-based partner He Fan.
Morrison Foerster and JunHe are acting for CPE. Managing partner of the Shanghai office Sun Chuan and Hong Kong-based partner Lin Xiaoxi are leading Morrison Foerster’s team, with support from partner Joseph Sulzbach at the New York office.
Proceeds from the USD350 million will be used to support restaurant expansion, marketing, menu innovation and operation. Burger King China aimed to double its store count to more than 2,500 within five years and exceed 4,000 by 2035, RBI said.
Notably, RBI has acquired the remaining shares of Burger King China held by TFI Asia Holdings and Pangaea Two Acquisition Holdings XXIII for USD158 million in February this year, paving the way for the latest transaction.
RBI also owns other global restaurant brands such as Tim Hortons and Popeyes, while CPE is a private equity firm headquartered in Beijing, which has invested in high-profile brands including MIXUE Group, Laopu Gold and Pop Mart.
CPE’s extensive consumer and restaurant experience made it an ideal partner to fuel Burger King’s growth in China, said Joshua Kobza, CEO of RBI.
