Burger King sold to 3G Capital in deal worth $4 billion

Rumours had been rife this week that a deal was on the cards and Burger King CEO, John W. Chidsey finally announced that the speculation was true. He said: "The Burger King brand is one of the most recognisable and respected brand names in the world, and we are pleased that 3G Capital recognises the value we have created in revitalising the brand and enhancing operations over the past seven years. "We look forward to partnering with 3G Capital, whose proven track record as an investor, together with its financial and consumer brands experience, will serve to further strengthen the Company, our restaurants and franchisees worldwide." During a transitional period Chidsey will remain as CEO and when the transaction is closed Alex Behring, managing partner of 3G Capital, will be appointed co-chairman of the Board, alongside Chidsey. Under the terms of the agreement, it is anticipated that 3G Capital will commence a tender offer for all of the outstanding shares of the company no later than September 17th 2010.