The board of Burger King has agreed for the Miami-based fast-food chain to be taken private for the second time in its history, after accepting a $4bn bid from 3G Capital, a little-known US investment group backed by Brazilian investors.
New York-based 3G Capital has won the Burger King board’s unanimous approval for its $24-per- share cash takeover bid, which values the burger chain at $4bn including about $750m of assumed debt.
Jorge Paulo Lemann, Marcel Telles and Carlos Sicupira – all Brazilian billionaires – are among the big investors in 3G Capital who will be providing the equity to finance the hedge fund’s bid. JPMorgan and Barclays Capital are providing debt for the deal.