"Burger King plans to more than triple the number of its restaurants in China within a decade under a new joint venture with a local partner, the fast-food giant says. The joint venture, Burger King China, will receive $350m in investment from the private equity firm CPE under a plan to drive the brand's expansion, parent company Restaurant Brands International (RBI) said in a statement on Monday."
"Under the deal, the fast-food chain will seek to expand to more than 4,000 locations in China by 2035, up from roughly 1,250 at present. Once the tie-up is completed, Beijing-based CPE will hold a stake of about 83 percent in the company with RBI retaining an approximately 17 percent stake along with a seat on the board of directors."
"RBI CEO Joshua Kobza said the deal would unlock Burger King's full potential in China. China remains one of the most exciting long-term opportunities for Burger King globally, Kobza said in a statement. Our recent investments and this joint venture underscore our confidence in the Chinese market. Burger King entered the Chinese market in 2005, opening its first outlet opposite a Buddhist temple in downtown Shanghai."
Burger King plans to expand to more than 4,000 locations in China by 2035, up from roughly 1,250 at present. The expansion will be driven by a new joint venture, Burger King China, which will receive $350 million in investment from Beijing-based private equity firm CPE. Under the arrangement, CPE will hold about an 83 percent stake while Restaurant Brands International will retain roughly 17 percent. RBI expects the transaction to unlock Burger King's potential in China and expresses confidence in the market. The chain entered China in 2005 but has trailed rivals such as KFC and McDonald's, which operate significantly more outlets.
Read at www.aljazeera.com
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