RBI and CPE Complete Previously Announced Joint Venture to Reignite Growth at Burger King® in China

Restaurant Brands International (NYSE: QSR) and CPE completed a joint venture to accelerate growth of Burger King China.

Rhea-AI Summary

Restaurant Brands International (NYSE: QSR) and CPE completed a joint venture to accelerate growth of Burger King China. CPE invested $350 million of primary capital and owns ~83% of the business; RBI retains a 17% minority stake and a board seat. A 20‑year master development agreement grants exclusive rights to develop Burger King in China. The partners aim to expand from ~1,250 restaurants today to over 4,000 by 2035, targeting sustainable same‑store sales growth through operational execution and food quality improvements.

Positive

• $350 million primary capital invested by CPE
• 83% ownership by CPE provides majority control and local capital backing
• 20-year exclusive master development agreement for China market
• Expansion target: ~1,250 to >4,000 restaurants by 2035

Negative

• RBI retains only a 17% minority stake, limiting direct upside and control
• Target expansion extends to 2035, delaying near-term scale benefits

Argus Feb 2 session

-0.01% close to close Open Argus

Details

News Market Reaction – QSR

In the Feb 2 session, QSR declined 0.01%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalizes the CPE joint venture for Burger King China, confirming a $350 million c...

Analysis

This announcement finalizes the CPE joint venture for Burger King China, confirming a $350 million capital injection, CPE’s roughly 83% stake, RBI’s 17% minority interest, and a 20-year master development agreement. It builds on the November 2025 JV news targeting expansion from about 1,250 to over 4,000 restaurants by 2035. Investors may focus on execution quality, same-store sales trends, and future disclosures on China unit growth and profitability.

Key Figures

CPE investment: $350 million Current restaurants China: ≈1,250 restaurants Target restaurants China: Over 4,000 restaurants +5 more

CPE investment

$350 million

Primary capital into Burger King China joint venture at closing

Current restaurants China

≈1,250 restaurants

Burger King China footprint at time of deal completion

Target restaurants China

Over 4,000 restaurants

Expansion goal for Burger King China by 2035

CPE ownership

≈83%

Post-closing stake in Burger King China business

RBI ownership

17%

Retained minority interest in Burger King China plus board seat

Master development term

20 years

Exclusive master development agreement for Burger King brand in China

52-week high

$73.70

Reference level vs. current $66.99 share price

Market cap

$23,306,746,188

Equity value around time of JV completion news

Previous Partnership Reports

1 past event · Latest: Nov 10

Same Type 1 event

1. Nov 10

   China JV announcement

   24h Move

   +2.1%

   Announced CPE joint venture to expand Burger King China with $350M investment.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

joint venture, primary capital, minority interest, master development agreement

4 terms

joint venture financial

"announced the completion of their previously announced joint venture, marking an important step"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

primary capital financial

"CPE invested $350 million of primary capital to grow Burger King China"

Primary capital is money a company raises directly from investors by selling new shares or issuing new debt, rather than trading existing shares between investors. For investors it matters because it changes a company's cash available for growth or debt repayment and can reduce the percentage ownership of current shareholders, much like adding more slices to a pizza makes each original slice smaller while increasing the total pizza available to spend on business plans.

minority interest financial

"with RBI retaining a 17% minority interest and a seat on the Board"

Minority interest represents the ownership share in a company held by investors or entities that do not control or have a majority of the company's voting rights. It shows the portion of the company's value that belongs to these smaller owners, similar to a partial stake in a shared ownership or partnership. For investors, understanding minority interest helps clarify how much of a company's value is attributable to outside owners, affecting overall financial health and decision-making.

master development agreement regulatory

"has also entered into a 20-year master development agreement, granting it exclusive rights"

A master development agreement is a long-term contract that sets the rules for how two parties will cooperate to develop a product, drug, property or technology, including responsibilities, payment terms, milestones and ownership of results. Think of it as a blueprint or framework agreement that governs a series of specific projects so future work can proceed without renegotiating every detail. Investors watch these agreements because they reveal commitments, timing and how risks, costs and potential rewards are shared — all of which affect a company’s future cash flow and valuation.

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CPE invested $350 million of primary capital to grow Burger King China to over 4,000 restaurants by 2035
Accelerated development at Burger King China furthers RBI's long-term global growth ambitions

MIAMI, Feb. 2, 2026 /PRNewswire/ - Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI"), the parent company of the Burger King brand, and CPE today announced the completion of their previously announced joint venture, marking an important step forward in Burger King China's next phase of growth.

Upon closing of the transaction, CPE invested $350 million of new primary capital into the joint venture ("Burger King China" or the "Business"), and now owns approximately 83% of the Business, with RBI retaining a 17% minority interest and a seat on the Board of Directors. The partnership combines Burger King's globally iconic brand and products with CPE's deep local market expertise, creating a strong foundation to accelerate growth and enhance the guest experience across China.

A wholly owned affiliate of Burger King China has also entered into a 20-year master development agreement, granting it exclusive rights to develop the Burger King brand in China. Together, CPE and RBI aim to expand Burger King's restaurant network in China from approximately 1,250 restaurants today to more than 4,000 by 2035, while delivering sustainable same-store sales growth through disciplined execution and continued focus on food quality and brand relevance.

Josh Kobza, Chief Executive Officer of Restaurant Brands International, said: "China remains one of the most important long-term growth opportunities for the Burger King brand globally. With CPE as our partner and a clear strategy focused on food quality, restaurant execution, and brand relevance, we believe Burger King China is well positioned to build a high-quality, sustainable business."

About Restaurant Brands International Inc.
Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

About CPE
CPE is a leading Asia-based alternative asset manager with a global perspective and approximately US$22 billion in assets under management, operating from key financial hubs including Beijing, Shanghai, Hong Kong, Tokyo, New York and Abu Dhabi, maintaining a strategic presence globally. Pursuing a long-term vision and value investment strategy, CPE provides innovative investment solutions to leading firms from the following three key sectors – technology and industrial, consumer and healthcare, infrastructure. Currently with successful long-term performance, CPE's funds under management are supported by over 200 domestic and international institutional investors across North America, Europe, Asia and the Middle East. The core investment team has completed more than 300 investments globally, enabling the firm to accumulate key sector knowledge and a widespread business network. With a solid investment and research process, strong sector expertise and professional portfolio management capabilities, CPE builds long-term relationships with its portfolios in order to drive their value creation and sustainable growth.

Forward-Looking Statements
This press release includes forward-looking statements, which are often identified by the words "may," "might," "believes," "thinks," "anticipates," "plans," "expects," "intends" or similar expressions and include statements related to expectations regarding the ability to grow Burger King's footprint to more than 4,000 restaurants by 2035 while delivering sustainable same-store sales growth, to accelerate growth, attract talent and advance product innovation, marketing and brand building. These forward-looking statements may be affected by risks and uncertainties in the business of RBI and Burger King China and market conditions, and include, without limitation, the following: risks related to competition, macro-economic factors and general risks of doing business in China, the effectiveness of marketing, advertising and digital programs, ability to successfully implement growth strategies, ability to identify and lease sites that meet brand criteria, unforeseen events, fluctuations in interest and currency exchange rates, tariffs, changes in laws and regulations, and geopolitical conflicts. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by RBI with the U.S. Securities and Exchange Commission and the Canadian securities regulators, including RBI's annual report on Form 10-K for the year ended December 31, 2024. RBI cautions readers that certain important factors may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made herein. RBI does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

View original content to download multimedia:https://www.prnewswire.com/news-releases/rbi-and-cpe-complete-previously-announced-joint-venture-to-reignite-growth-at-burger-king-in-china-302675808.html

SOURCE Restaurant Brands International Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did RBI (QSR) and CPE announce about Burger King China ownership on Feb 2, 2026?

They completed a joint venture; CPE invested $350 million and owns ~83% of Burger King China. According to the company, RBI retains a 17% minority stake and a board seat, preserving a strategic but noncontrolling interest.

How many Burger King restaurants does the joint venture plan for China and by when?

The partners plan to grow the network from ~1,250 restaurants to over 4,000 by 2035. According to the company, the expansion is driven by a 20‑year master development agreement and local market development efforts.

What is the purpose of the $350 million investment in Burger King China (QSR)?

The $350 million is primary capital intended to accelerate restaurant development and improve guest experience. According to the company, funds will support expansion, operational execution, and initiatives to drive sustainable same‑store sales growth across China.

What governance rights does RBI (QSR) keep after the joint venture closing?

RBI retains a 17% minority interest and a seat on the Board of Directors. According to the company, RBI maintains strategic oversight and brand involvement while CPE holds majority development control in China.

What is the significance of the 20-year master development agreement for Burger King China?

The 20‑year agreement grants exclusive development rights for the Burger King brand in China to the joint venture affiliate. According to the company, this provides a long-term framework for systematic restaurant growth and local execution.