Burger King Worldwide Inc. has announced the consummation of its business combination with a subsidiary of Justice Holdings Limited that will allow Burger King to begin trading on the New York Stock Exchange.
The company's trading began today under the ticker symbol "BKW."
As a result of the transaction close, 3G Capital, a global investment firm and Burger King Worldwide's principal stockholder, received approximately $1.4 billion in cash and will continue as the majority shareholder with an approximately 71 percent stake in the combined publicly traded company. 3G Capital officially acquired Burger King in October 2010, taking the company private.
Burger King had traded as a public company from 2006 until 3G Capital's acquisition.
The former Justice shareholders and Justice founders now own approximately 29 percent of the combined publicly traded company.
As part of the transaction, Martin E. Franklin and Alan Parker, former Justice directors, have joined the board of directors at Burger King Worldwide, along with all of the existing Burger King Worldwide Holdings board members.
Franklin is the founder and executive chairman of Jarden, a NYSE-listed, diversified consumer products company, for which he previously served as its CEO. Parker was previously the CEO of Whitbread PLC, the United Kingdom's largest hotel and restaurant company.
Tegris Advisors acted as lead mergers and acquisitions financial advisors to Justice on the transaction. Barclays Capital Inc. rendered a fairness opinion to Justice's board of directors. Kirkland & Ellis LLP acted as legal counsel to Burger King Worldwide and 3G Capital. Greenberg Traurig, P.A. and Sullivan & Cromwell LLP acted as legal counsel to Justice on the transaction.
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