Burger King Worldwide to begin trading on NYSE
June 20, 2012
MIAMI — Burger King Worldwide, Inc. will begin trading on the New York Stock Exchange today under “BKW” as the company has closed on a definitive business combination between Burger King Worldwide Holdings, Inc., Miami, and London-based Justice Holdings Ltd., a publicly listed United Kingdom investment vehicle.
The business combination was first announced on April 3. As part of the transaction, 3G Capital, a global investment firm and Burger King Worldwide’s principal stockholder, received about $1.4 billion in cash and will continue as the majority shareholder with about 71% stake in the combined publicly traded company.
Former Justice shareholders and the Justice founders now own about 29% of the combined publicly traded company. Co-founders of Justice Holdings have agreed to reduce their founders’ interest to 3% of the combined company’s outstanding shares and have waived the right to receive any other additional equity interests originally contemplated by the Justice structure. Investment funds managed by Pershing Square Capital Management, L.P. will own about 10% of the combined company’s outstanding shares, which it will receive as a result of its interests in Justice Holdings.
In addition, Martin E. Franklin and Alan Parker, former Justice directors, have joined the board of directors at Burger King Worldwide.