TFI TAB Gida Yatirimlari AS, a global franchisee of Restaurant Brands International Inc., is weighing options to sell a 50% stake in Burger King's China operations, Bloomberg News reported, citing people with knowledge of the matter.

Istanbul-based TFI, which operates Restaurant Brands-owned Burger King and Popeyes in China and Turkey, is reportedly considering a deal that would value the asset at more than $1.2 billion.

TFI, also known as TAB Food Investments, reportedly is working with an adviser to determine interest from potential suitors, including private equity firms. The sources said a sale could start as soon as October.

The franchisee owns 50% of the China business, while Restaurant Brands and private equity firm Cartesian Capital Group hold 27.5% and 22.5% stakes, respectively.

In 2019, TFI reportedly considered a Hong Kong IPO of its Chinese business after dropping plans for a share sale in the U.S.

Most recently, the sources told Bloomberg that sale talks are still at an early stage and that TFI could also revive its IPO plans.

A TFI representative reportedly said there is no ongoing stake sale process underway at the moment, the report added.