Goldman Sachs has reportedly secured exclusive rights to negotiate the acquisition of Burger King’s Japan operations from Hong Kong-based private equity firm Affinity Equity Partners.

According to Nikkei Asia, the deal is expected to be valued at 70 billion yen (approximately $452 million). Goldman Sachs is said to be preparing to acquire BK Japan Holdings, which currently operates around 310 Burger King outlets across the country.

BK Japan aims to open up to 600 Burger King locations by the end of 2028, continuing its expansion from 77 stores in 2019.

Burger King’s presence in Japan has been marked by ups and downs. The brand first entered the market in the 1990s but withdrew in 2001 due to weak performance. 

It returned in 2007 through a franchise partnership led by South Korea’s Lotte Group and Japan’s Revamp, before operations were transferred to Lotte’s subsidiary, Lotteria, in 2010.

In 2017, Affinity Equity Partners acquired the operation for an undisclosed sum.