Burger King Holdings Inc. and 3G Capital today announced the completion of the previously announced transaction for an affiliate of 3G Capital to acquire the company for $24 per share in cash, or approximately $4 billion in the aggregate, including the assumption of outstanding debt.
As previously announced, Bernardo Hees will become CEO of the company, and Alexandre Behring, managing partner of 3G Capital, will assume the position of co-chairman of the board of the company effective immediately, alongside John Chidsey, chairman and CEO prior to the completion of the transaction.
“We see many exciting opportunities for this business, including developing new product offerings and expanding the brand internationally,” Hees said. "We believe the early success of the new BK Breakfast menu demonstrates the efforts and strength of our franchise network in the U.S. We also are looking forward to collaborating closely with our international franchisees in pursuit of growth in areas such as Asia and Latin America."
As a result of the completion of the merger, the common stock of the company will no longer be listed for trading on the New York Stock Exchange, which is expected to take effect by Oct. 20.