DIAGEO SELLS BURGER KING UNDER REVISED TERMS
By Adnews Staff
Diageo has completed the sale of its Miami-based burger chain Burger King to a group composed of Texas Pacific, Bain Capital and Goldman Sachs. The purchase price was US$1.5 billion in cash and debt. Texas Pacific, Bain Capital and Goldman Sachs were originally going to pay US$2.26 billion for the chain when the sale was announced in July. That price was contingent upon Burger King satisfying certain performance targets in the financial year which ended on June 30. On Nov. 18, Diageo announced the sale would not be completed on the July terms. Burger King operates approximately 11,450 restaurants worldwide. The chain was founded in 1954. In 1967 it was aquired by Pillsbury, which sold it twenty years later to Grand Metropolitan. In 1997 Grand Metropolitan merged with Guinness to form Diageo.