Chillin' out till it needs to be funded
Talking about unlocking value may still come back into vogue though it took Burger King 8 years and a lot of fireside family barbecues to get there. After selling equity in bits and pieces and expanding to 12000 restaurants, the chain had stilll reached a market value of $2.2 billion , even that assisted by news of a PE sale. Now the exit is finally making one global superbrand a rightful owner of $4 billion in value. Yes, the deal tab has been made public and the game has been called by investors from 3G Capital with a price tab of $24 per share ( 33% above last Friday’s price) and this four fold increase over the last sale in 2002 includes the debt. The PE players selling own 32% or $700million of the Burger King’s market cap.