Goldman Sachs has entered exclusive negotiations to acquire Burger King Japan from Affinity Equity Partners in a deal estimated at about ¥70bn ($452m), according to a report from Nikkei Asia.

The investment bank is expected to support the brand’s next phase of expansion by drawing on its experience in the global food service sector.

The move comes as Restaurant Brands International, the parent company of Burger King, advances a broader restructuring of its Asian operations. Last week, the company agreed to sell an 83% stake in Burger King China to Chinese private equity firm CPE for $350m. RBI will keep a 17% stake and retain a board seat.

RBI said the new joint venture aims to accelerate Burger King’s growth in China. The partners plan to double the store count within five years and expand beyond 4,000 restaurants by 2035.

The company bought full control of Burger King China in February for about $158m and has since sought a strong local investor to lead expansion and inject new capital into the business.

Western restaurant chains are increasingly turning to domestic private equity partners in China as consumer spending weakens and global investors become more cautious. Starbucks recently agreed to sell a 60% stake in its China arm to Boyu Capital, a firm linked to Alvin Jiang.

Burger King China operated 1,474 restaurants at the end of 2024, making it RBI’s largest global market. However, average sales were about $400,000 per store, far below markets such as France, where locations generated $3.8m.

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