3G Capital to buy Burger King for $3.26 billion
Burger King Holdings Inc
The deal represents a 46 percent premium to Burger King's share price before news of the deal talks emerged on Wednesday, the companies said.
Including the debt that 3G will assume, the deal is worth about $4 billion (2 billion pounds), the company said on Thursday. The transaction is expected to close in the last three months of 2010.
TPG Capital LP
Burger King has lagged larger rival McDonald's Corp
Last week, the company forecast weak demand during its new fiscal year due to the U.S. economy's slow pace of recovery and government austerity programs in several European countries.
Analysts said it was an opportune time for the company to go private, just over four years after the group of private equity firms took it public in May 2006 at an initial share price of $17.
Shares of Burger King were up more than 23 percent to $23.25 in early trading and had gained nearly 15 percent on Wednesday.
(Reporting by Michele Gershberg and Phil Wahba, editing by Gerald E. McCormick, Dave Zimmerman)