Sept. 2 (Bloomberg) -- Burger King Holdings Inc. agreed to be acquired by 3G Capital for $3.3 billion, giving the New York investment firm control over the second-largest U.S. hamburger chain.
The $24-a-share price is 46 percent more than Miami-based Burger King’s close Aug. 31, before reports of a deal surfaced. Under the terms of the agreement, Burger King can solicit superior bids through Oct. 12, according to a statement today. The transaction amounts to about $4 billion including debt.
The chain’s sales growth has slowed for two straight years as consumers ate out less to deal with the U.S. economic slump. Burger King, which trails only McDonald’s Corp. in the U.S., has seen a slower recovery than its larger rival as its clientele suffered more from the recession, said Tom Forte, an analyst at New York-based Telsey Advisory Group.
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3G is an investment vehicle whose main investors are three Brazilian business partners -- Jorge Paulo Lemann, Marcel Herrmann Telles and Carlos Alberto da Veiga Sicupira, according to three people with knowledge of the matter. The men founded Brazilian investment bank Banco de Investimentos Garantia SA and agreed to sell to Credit Suisse Group AG in 1998 for at least $675 million.
Lemann, 71, whose personal fortune was estimated by Forbes magazine at $11.5 billion this year, and his partners also own stakes in Anheuser-Busch InBev NV, the world’s biggest brewer, and Brazilian retailer Lojas Americanas SA.
http://www.businessweek.com/news/2010-09-02/burger-king-agrees-to-3-3-billion-3g-capital-offer.html
