Restaurant Brands International Inc. (NYSE: QSR) has announced two significant transactions aimed at bolstering its presence in China. These strategic moves reflect QSR's confidence in China as a pivotal market and its commitment to driving regional growth. The company has acquired the Popeyes China business from TH International Limited (Tims China) for an enterprise value of $15 million on a cash-free, debt-free basis. This acquisition allows QSR to directly own and operate Popeyes China, which has seen promising growth since opening its first restaurant in Shanghai in August 2023. Currently, there are 14 Popeyes outlets in Shanghai and the company plans to ramp up the pace of restaurant development through local team investments and infrastructure enhancements. In the long term, QSR aims to bring on local partners to establish a master franchise model similar to other international Popeyes markets. In a parallel move, Restaurant Brands and Cartesian Capital have co-invested up to $50 million into Tims China through three-year convertible notes. This investment includes an initial $40 million issuance at closing, ...