Bill Ackman's specialty purpose acquisition company (SPAC) is Justice Holdings (LON:JUSH). Today, we get word that Ackman's SPAC will pay $1.4 billion to 3G Capital for a 29% stake in fast food company Burger King.
This gives Burger King a valuation of around $4.8 billion. The company was taken private in 2010 by 3G Capital (they originally paid around $3.3 billion for Burger King and have tried to implement a new menu and remodel stores).
Once the deal is complete, Justice Holdings will cease trading in London and Burger King will start trading on the New York Stock Exchange (NYSE).
Ackman founded Justice Holdings along with Martin Franklin and Nicolas Berggruen by raising around $1.4 billion in the IPO in London.
Wednesday, April 4, 2012
Bill Ackman's Justice Holdings to Buy Burger King Stake
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