Global Burger King Corp. franchisee TFI TAB Gida Yatirimlari AS is looking to sell a minority stake in its China and Turkey operations, which could go for at least $200 million, two sources familiar with the matter told Reuters.
TFI has hired Citigroup for the potential sale, which the Turkish company expects would imply an approximately $1 billion enterprise valuation, according to the sources. Submission of first-round indicative bids is due by end of the week of Sept. 2, one source said.
Kurdoglu family-owned TFI operates about 1,700 Burger King outlets in Turkey and China. One of the sources added that TFI is weighing a listing of the Turkey and China businesses in Hong Kong as early as 2020, the news agency reported.
TFI owns 50% of its China operations, while Burger King owner Restaurant Brands International Inc. and private equity firm Cartesian Capital Group LLC own 27.5% and 22.5%, respectively, Reuters added, citing a TFI IPO prospectus filed with the U.S. SEC in 2018.
Citigroup did not comment on the matter, Reuters noted.
