 Burger King only has 63 outlets in China. (Evan Agostini/Getty Images / June 15, 2012) |
Burger King Worldwide Holdings on Friday said it plans to open 1,000 of its namesake restaurants in China over the next five to seven years under a newly-formed joint venture.
The Miami-based company said the deal represents the largest multi-unit development agreement in Burger King history. Its joint venture partners in the China deal are members of the Kurdoglu family, a long-time Burger King master franchisee, and Cartesian Capital Group, a global private equity firm.
The agreement gives the group exclusive rights to expand the Burger King brand in China from 63 units currently.
Burger King, which went private in October 2010 with its $3.26 billion sale to 3G Capital Management, is scheduled to close its merger with a publicly held shell company this month. When the deal closes, its shares will begin trading.
