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Burger King to go public again through USD1.4bn deal with Justice
Wednesday 04 April 2012

4 April 2012 - Burger King Worldwide Holdings Inc has agreed to combine with shell firm Justice Holdings Ltd (LON:JUSH) in a USD1.4bn (EUR1bn) deal which will see the US fast food hamburger restaurant chain going public again, the parties said in a joint press release.

Under the terms of the deal, US private equity firm 3G Capital, which took the restaurant chain private in late 2010, will retain a majority stake in Burger King, while Justice's shareholders and founders will get around 29% in the merged company in exchange for their investment.

Justice will immediately suspend its listing in London, while the new entity, renamed Burger King Worldwide Inc, will be listed in New York following closing of the deal, the companies said.

William A. Ackman, a co-founder of Justice alongside Nicolas Berggruen and Martin Franklin, said he expected Burger King's 2012 EBITDA minus CapEx to almost double the result in 2010, proving Justice's move a good one for its shareholders.

This deal will place Burger King in a good position for long-term growth in the domestic as well as the international markets, its chief financial officer Daniel Schwartz said in the same press release.

Completion of the transaction and the listing are expected within some 60 to 90 days, subject to conditions, including regulatory clearance.

Justice has used the advisory services of Tegris Advisors, Barclays Capital Inc, Greenberg Traurig PA and Sullivan & Cromwell LLP.

Burger King Worldwide and 3G Capital have been advised by Kirkland & Ellis LLP.
Details
Date Published: 04/04/2012
Target: Burger King Worldwide Holdings Inc
Country: USA
Deal Size: 1.4bn (USD)
Sector: Hotels/Restaurants/Casinos/Catering
Vendor: 3G Capital Inc
Buyer: Martin Franklin, Nicolas Berggruen , William A. Ackman, Justice Holdings Ltd
Buyer Advisor: Barclays Capital Inc, Tegris Advisors, Sullivan & Cromwell LLP, Greenberg Traurig PA

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