Burger King sold

Fast food chain Burger King is being sold to private equity firm 3G Capital in a deal valued at US$3.26 billion.



The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumours for days.



Burger King floated on Wall Street in 2006, four years after being bought by a group of private equity firms.



The group, TPG Capital, Bain Capital and Goldman Sachs Funds still own 31 per cent of Burger King shares.



In a statement, the companies say the deal represents a 46 per cent premium to Burger King's share price before news of a possible takeover surfaced.



Burger King, the second largest hamburger chain behind McDonald's, has struggled during the recession, and last week forecast weak demand for the rest of the year.