Belfast Telegraph

Burger King to be sold for $3.2bn

Fast food chain Burger King is selling itself to private equity firm 3G Capital in a deal valued at $3.26bn (£2.1bn).

The $24-per-share (£15.30) offer comes after a day of speculation about the deal sent shares up more than 15%. It also made gains today before the stock market opened.

Burger King is the second-largest US hamburger chain behind its far-larger rival McDonald's Corp. But with 12,100 locations, it has struggled because the economy has been bad for its most important customer group - young men.

Under the terms of the deal with 3G, Burger King's chairman and chief executive John Chidsey will become co-chairman of the board. 3G managing partner Alex Behring will be the other co-chairman.

Burger King became publicly traded in 2006, four years after a consortium of private equity firms acquired the company.

Popular