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Restaurant Brands International on Monday announced that it will form a joint venture with CPE, a Chinese alternative asset manager, to run Burger King's restaurants in China.

Earlier this year, a subsidiary of Restaurant Brands acquired its equity interests from its previous Burger King China partners, Turkish-based operator TFI and U.S.-based private equity firm Cartesian Capital, for roughly $158 million in cash. At the time, the company said it planned to find a local operator as a partner.

Under the terms of the deal, CPE will own roughly 83% of Burger King China. Restaurant Brands will hold a minority stake of about 17%, along with a seat on the board of directors.

When the deal closes, CPE plans to

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