Burger King’s new ruler could help its empire expand.
Burger King Holdings Inc. sealed a deal Thursday to sell itself for $3.26 billion to 3G Capital, an investment firm with strong ties to Latin America. The fast-food chain’s chairman and CEO, John Chidsey, said the deal will help it expand more rapidly overseas.
Chidsey, who will become co-chairman of the company after the tender offer is complete, said the $24-per-share deal also brings 3G Capital’s experience and contacts abroad. “Hopefully they’ll be able to even provide more of an accelerant to the fire,” he told The Associated Press.
More than a third of Burger King’s locations are outside the U.S. That’s growing as the company shifts its expansion focus to other countries. In the past year, 90 percent of its new locations were built abroad.