US burger chain Burger King is to return to a stock exchange listing in the US after a two-year gap, after UK investment vehicle Justice Holdings bought a sizeable stake in the company.
London-listed Justice Holdings is to pay $1.4bn to acquire a 29% holding in the restaurant chain from Burger King Worldwide's owner, 3G Capital, a global investment firm which will retain a 71% stake in the fast food peddler. The deal will see the end of Justice's stint as a company listed in London. The shares have been suspended from trading.
"Justice has been extremely disciplined in considering potential operating businesses since its formation in February 2011," commented Lord Myners, the independent Chairman of Justice.
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"The Burger King transaction offers a number of the key features the board was looking for in a combination: strong cash flows, an experienced and successful management team, significant strategic growth opportunities and a company that would benefit from Justice's public ownership," Lord Myners added.
The board's decision to pull the trigger on the deal was unanimous, Lord Myners revealed.
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