(Reuters) - Restaurant Brands International said on Tuesday it has bought stakes in Burger King China from its local franchisee for about $158 million, giving it nearly total ownership of the business.

The fast food chain operator said it would engage its advisors to work on identifying a new local partner to invest into the business.

The company has been working on its China strategy for its Burger King business which faced softening demand in the second biggest market, amid a pressured consumer spending and stiff competition.

Restaurant Brands acquired the stakes in Burger King China from a holding company TFI Asia Holdings BV and a blank-check firm Pangaea Two Acquisition Holdings XXIII.

Restaurant Brands had 1,474 Burger King restaurants in China, as of December 31, 2024.