Burger King sold for £2.1bn

Burger King is being sold to private equity firm 3G Capital in a deal said to be valued at $3.26bn (£2.1bn).

The fast food company has been subject to takeover rumours all this week, news that sent shares in the holding company up by over 20% in US trading yesterday (2 September).

Burger King has been struggling of late. The company reported a 2.3% drop in global sales for 2010 compared with a 1.2% rise in the same period in the previous year.

In contrast, rival McDonald’s reported a 4.8% rise in sales during the second quarter of the year.

New owners 3G Capital is a private equity firm that specialises in what it sees as low-risk investments.

The chain has been public since 2006, but was previously owned by a group of investment firms.

The group, which consists of TPG Capital, Bain Capital Partners and Goldman Sachs Funds – still owns 31% of Burger King’s outstanding shares and has agreed to tender its shares in the deal.

Drinks maker Diageo owned the burger chain until 2002 and still holds a 32% stake in the firm.

In May Burger King named ex-Coca-Cola marketer Natalia Franco as its chief marketing officer to replace Russ Klein who left Burger King in November.

Shortly after Franco’s appointment Burger King’s most senior European marketer David Kisilevsky left the fast food chain to join ad agency McCann Erickson.

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