Burgers and beer

2 September 2010 By Rob Cox Follow @rob1cox

The capitalists behind Anheuser InBev are relieving TPG, Bain and Goldman of command of the fastfood chain for $4 bln. While the sponsors relied on typical financial engineering, BK’s new Brazilian owners have a grander plan: to do for burgers what they did for beer.

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3G Capital agreed to pay $24 a share to acquire Burger King, a 46 percent premium to the fastfood chain's share price before speculation about a deal surfaced.

The company said it may solicit alternative proposals for 40 days. Lazard, JPMorgan and Barclays Capital advised 3G. Morgan Stanley and Goldman Sachs acted for Burger King.

Alex Behring, a managing partner at 3G, will become cochairman with Burger King's John Chidsey. "The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital," Behring said.

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