Goldman Sachs is set to acquire Burger King's Japan operations from Affinity Equity Partners for about 70 billion yen, marking its biggest consumer deal in Japan in years and a fresh bid to reassert itself in the country's private equity market, Nikkei reported Wednesday.

The bank sees room for expansion as Burger King trails McDonald's by a ten-to-one store ratio in Japan. Affinity grew the chain in major cities, and Goldman Sachs aims to push into rural markets, adjusting for franchise mix, demographics and overlapping locations, according to the report.

Goldman Sachs brings experience from investments in the U.S. Burger King parent and other global chains, as well as a recent string of Japanese deals, including Nippo (TYO:9913) and Nihon Housing (TYO:4781). Competition for assets has intensified, raising the bar for returns. The firm is focusing on sectors where it can leverage its know-how, with Burger King seen as a strategic fit, the report said.

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