$1.15 billion deal! Burger King's China franchise undergoes a significant change.

On February 18, Restaurant Brands International Inc. (RBI Group), the parent company of Burger King, announced that its subsidiary now owns nearly 100% of Burger King China after completing the transaction with TFI Asia Holdings BV ("TFI") and Pangaea Two Acquisition Holdings XXIII, Ltd. ("Pangaea"). The total transaction amount was approximately US$158 million (Rmb1.15 billion), according to reports. RBI is reportedly seeking new local partners to invest in and operate the business, which aligns with its long-term strategy of partnering with experienced local restaurant operators worldwide while maintaining its franchising-based business model. RBI Group also stated that TFI will continue to expand its business in the Turkish market as RBI's business partner. Meanwhile, RBI will continue to work with Pangaea to promote the growth of the Tim Hortons brand in the Chinese market. TFI is the Burger King franchisee in China, under its management, the number of Burger King stores in China has expanded from about 60 stores in 2012 to approximately 1,500 stores. It's worth noting that Burger King announced the opening of its 1,500th store in China, the Beijing Daimayuan Center store, on November 27, 2023. More than a year later, the number of its stores has not seen significant growth. Earlier, Burger King also announced its entry into the "9.9 yuan era", launching the "Signature Burger Week 9.9 yuan" campaign, bringing the price of core products such as Whopper down to 9.9 yuan, covering dine-in, takeout, and e-commerce channels, without membership or consumption thresholds. This strategy is modeled after Luckin Coffee's "9.9 yuan promotional campaign", aiming to leverage low prices to influence consumer decisions. RBI Group is one of the largest fast-food companies in the world, with annual sales of nearly US$45 billion and more than 32,000 restaurants in over 120 countries and regions. It owns four fast-food brands: TIM HORTONS, BURGER KING, POPEYES, and FIREHOUSE SUBS.