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.
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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.
JH
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