Deals
Burger King to Be a Public Company Again After ’10 Buyout
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Burger King Worldwide Holdings Inc., the fast-food chain taken private in 2010 by New York investment firm 3G Capital Inc., will go public again after merging with a company owned by William Ackman.
3G will get $1.4 billion in cash to transfer Burger King to Justice Holdings Ltd., a special-purpose acquisition company co-founded by Ackman, according to a statement yesterday. Justice and its founders will hold 29 percent of the chain, giving Burger King an equity value of about $4.8 billion. Ackman said today on a conference call the deal implies an equity valuation of $5.5 billion from the perspective of the non-founding shareholders of Justice.