Brazilians Sell Burger Stake

Brazilian-backed private equity firm 3G Capital has sold off a 29% stake in fast food chain Burger King to US investment vehicle Justice Holdings for $1.4bn in cash, it says. Following the deal, the chain will be incorporated in Delaware as Burger King Worldwide, and be delisted from the London Stock Exchange and listed instead in the New York Stock Exchange. The transaction is expected to close in 2 to 3 months. Officials at Burger King could not be reached for comment and a 3G spokesman could not immediately comment. Justice retained Barclays for a fairness opinion on the deal and received M&A advice from Tegris Advisors. Law firms Kirkland & Ellis, Greenberg Taurig and Sullivan & Cromwell handled the legal aspects of the transaction. New York-based 3G, backed by Brazilian billionaire Jorge Paulo Lemann and fellow Garantia founders Marcel Telles and Carlos Alberto Sicupira, acquired Burger King for about $4bn, including assumed debt, in 2010.