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| Burger King is in talks over possible sale: report |
| Press Trust of India / New York Sep 01, 2010, 13:11 IST |
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Burger King Holdings Inc is in talks with private-equity firms like 3i Group Plc over a possible sale of the second-largest hamburger chain, says a media report.
The status of the talks is unclear but one interested firm was 3i Group, a British private-equity firm, the 'Wall Street Journal' reported.
It is uncertain whether these discussions will result in a sale, the report added.
Burger King has been a public company since 2006, but it already has passed through the hands of buyout firms. In 2002 a group led by TPG Capital, Bain Capital and Goldman Sachs Capital Partners bought the company for about $1.5 billion from Diageo PLC. They still own 32 per cent of Burger King, and have significant representation on the company's board.
Burger King which has a market capitalisation of about $2.26 billion operates more than 12,000 restaurants around the world in more than 75 countries.
According to the publication, Burger King declined to comment, while 3i was not available for comment.
3i portfolio companies include luxury lingerie retailer Agent Provocateur Ltd, European juice and soft drinks maker Refresco and the Little Sheep restaurant chain in China.
Burger King has faced tough times in the aftermath of the financial crisis, as a sluggish recovery and daunting jobless numbers in the US continue to hurt the fast food chain.
The company last week reported that its global sales for its 2010 fiscal year were down 2.3 per cent, compared with an increase of 1.2 per cent in the same period last year.
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