DIAGEO TO SELL BURGER KING
By Adnews Staff
Diageo plc has agreed to sell its Miami-based burger chain Burger King Corp. to a consortium composed of Texas Pacific, Bain Capital and Goldman Sachs. The three will pay $2.26 billion for the chain which operates approximately 11,000 restaurants worldwide. A portion of the sale price depends on Burger King satisfying certain performance targets in its financial year which ended June 30, 2002. Diageo's drinks business includes a variety of spirits, wines and beers including Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan and Beaulieu Vineyard and Sterling Vineyards wines.
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