On Thursday, a Brazil-based investment Company managed to get hold of Burger King for a sum of $4 billion. According to the market researcher CapitalIQ, this is the biggest takeover of a fast-food chain till date, and for Burger King it is the second in the past eight years.
People familiar of the matter said that 3G Capital considered Burger King as a good investment many months back. And therefore, it started a string of pleasant talks with the fast-food chain’s board. 3G is supported by affluent Brazilians, together with a billionaire and ex-tennis champion, whom Warren E. Buffett called a “good friend”.
The deal discussions were dubbed “blue”, for Blue Lagoon Drive, the Miami Street, the place where Burger King’s headquarters is situated.
3G wants that Burger King should have a global presence, particularly in Latin America and Asia. In a statement, Alexandre Behring, 3G’s Managing Partner said, “The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital”.
Mr. Behring and Burger King’s Chairman and Chief Executive, John Chidsey, on Thursday, told Burger King workers in Miami, regarding the deal. They vowed that 3G would carry on investing in the business.