Burger King will be acquired by global investment firm 3G Capital for US$4 billion (AU$4.4 billion).
John Chidsey, Burger King chairman and CEO, said with the acquisition the company hopes to revitalise the brand and enhance operations over the past seven years.
"We look forward to partnering with 3G Capital, whose proven track record as an investor, together with its financial and consumer brands experience, will serve to further strengthen the Company, our restaurants and franchisees worldwide,” he said.
3G Capital has obtained committed financing to purchase all outstanding shares and refinance existing indebtedness. The transaction is expected to close in the fourth quarter of this calendar year.
Alex Behring, managing partner of 3G Capital, said: “The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital, which has a strong track record of long-term investments in global consumer brands and retail companies.”
In conjunction with the transaction, Chidsey will remain through the transition period in his current capacity and subsequently assume a newly created position of co-chairman of the board.