Investment bank Goldman Sachs has secured exclusive rights to negotiate the purchase of Burger King’s operations in Japan, as reported by Nikkei Asia.
A potential deal is likely to be valued at around Y70bn ($452m).
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Negotiating rights were granted by Affinity Equity Partners, the Hong Kong-based private equity fund that has held the master franchise for Burger King in Japan since 2017.
Affinity Equity Partners took control of the master franchise with a plan to expand Burger King’s footprint in Japan and bolster the brand across the Asia‑Pacific region.
The fast food chain entered the Japanese market in 2006 through a joint venture backed by Korea-based Lotte Group.
In the third quarter of 2025, Restaurant Brands International (RBI), parent company of Burger King, reported a 4% year‑on‑year rise in same‑store sales.
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By GlobalDataThe growth was driven in part by a 3.1% increase at Burger King.
The burger chain is progressing with its multi‑year Reclaim the Flame programme, which includes up to $700m of planned investment before the end of 2028.
The investment will cover advertising and digital initiatives, remodels and relocations, restaurant technology, kitchen equipment and building improvements.
In November 2025, RBI announced a joint venture with Chinese private equity company CPE to accelerate the brand’s expansion in China.
CPE will own 83% of Burger King China, while RBI retains a 17% stake and a board seat.
The partnership includes a $350m capital infusion from CPE, to be used to fund new restaurant openings, marketing, menu innovation and general operations.
