Burger King-owner Restaurant Brands International (RBI) has finalised its previously announced joint venture (JV) with Chinese investment company CPE, reshaping the brand’s ownership structure in the country.

The deal closes more than two months after RBI and CPE signed an agreement to accelerate Burger King’s expansion in China.

Under the completed transaction, CPE has provided $350m in new primary capital to the JV.

The entity now holds 83% of the equity while RBI maintains a 17% minority interest and one seat on the board of directors.

In a statement, RBI said the JV combines Burger King’s “globally iconic brand and products” with CPE’s “deep local market expertise”.

The structure is intended to support a faster rollout of restaurants and improve the customer experience across the market.

Alongside the JV, a wholly owned subsidiary of Burger King China has signed a 20-year master development agreement.

This grants it exclusive rights to establish and operate the Burger King brand throughout mainland China.

CPE and RBI have set a target to expand Burger King’s store count in China from approximately 1,250 outlets to more than 4,000 by 2035.

Their plans also include driving sustained same-store sales growth through a focus on execution, food standards and maintaining brand relevance.

Restaurant Brands International CEO Josh Kobza 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.”