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Burger King in talks for buyer, says report

Sep 1st, 2010, 12:52 pm

Burger King is refusing to comment on reports that it is looking for a buyer.

The Wall Street Journal is reporting that the second-biggest hamburger chain in America has been talking to a number of private equity firms about a possible sale.

The group has 27 restaurants in Ireland and employees in excess of 900 people here.

The company has a market value of about US$2.3 (€1.7) billion and has recently reported falling sales across the world.

The paper claims Burger King has been in talks for several weeks with a number of potential buyers including British company 3i Group.

The home of the Whopper and Chicken Royale last week reported a drop of 2.3% in its global sales for its 2010 financial year compared to a 1.2% gain last year.

It also posted a 3.9% fall in US and Canada sales compared to a 0.4% increase in the same period last year.

The 55-year-old chain has been owned by buyout specialists before.

It was bought from Diageo in 2002 by Texas Pacific, Bain Capital and Goldman Sachs in a deal worth US$1.5 (€1.17) billion.

The trio floated the Miami-based company 4 years later and still own just under 1/3 of it.

The chain currently operates a total of more than 12,000 restaurants worldwide in more than 75 countries.

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