3G Capital is paying $24 a share, according to an announcement Thursday. The WSJ says that banks are financing about $2.8 billion of the deal. John Chidsey, BK’s Chairman and CEO, will stay through the transition in these roles and then become co-chairman. Alex Behring, a 3G managing partner, will also become co-chairman.
TPG Capital, Goldman Sachs Capital Partners and Bain Capital currently own a combined 31% of BK. They are tendering their shares in the deal.
So who is 3G Capital? The Financial Times says it’s a hedge fund based in New York that is backed by a group of Brazilian entrepreneurs, collectively known as “the Trio.” The Trio are best known for building the Brazilian brewery that became InBev.
Lazard, JP Morgan and Barclays Capital advised 3G. Morgan Stanley and Goldman Sachs provided financial guidance to BK.