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Burger King bought by 3G Capital in Whopper £2.6b deal

03 September 2010 by
Burger King bought by 3G Capital in Whopper £2.6b deal

Fast food giant Burger King, home of the Whopper burger, is to be taken over by private equity firm 3G Capital.

Shareholders in the 12,150-strong burger chain will receive £15.58 for each share, which represents a 46% premium over the company's share price before rumours of a deal sparked a surge in recent days.

Alex Behring, managing partner of 3G Capital, said: "We have great respect for the Burger King brand and the strong business that management, the employees and the franchisees have built.

"The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital, which has a strong track record of long-term investments in global consumer brands and retail companies."

Burger King's chairman and chief executive, John Chidsey, will remain through the transition period in his current capacity and subsequently assume a newly created position of co-chairman.

Behring will be the other co-chairman of the company.

Under the terms of the deal the Burger King board can accept any superior offers for the company from third parties until 12 October.

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By Chris Druce

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