Food Industry
Industry: Email Alert RSS FeedTexas Pacific finally wins Burger King in US$2.2bn deal - Company News - Texas Pacific Group, Diageo sale of Burger King - Brief Article
Eurofood, August 1, 2002
UK-based drinks giant Diageo has agreed to the sale of Burger King Corporation to a group composed of Texas Pacific Group (TPG), Bain Capital and Goldman Sachs Capital Partners.
The deal is worth some US$2.2bn (2.25bn [euro]) in cash on a debt free basis, and a portion of the purchase price is dependent upon Burger King satisfying certain performance targets in its financial year ended 30 June 2002. The transaction is expected to close in the fourth quarter of this calendar year.
Diageo said it anticipates the cash proceeds from the Burger King sale will be made available for reinvestment in its core drinks business and for return to shareholders.
Most RecentFood Articles
In March 2002 Diageo commenced a review of options for the separation of Burger King as the final step in exiting the food industry and concentrating on premium drinks. The drinks giant successfully offloaded its Pillsbury baking unit, albeit after a lengthy investigation, to US firm General Mills.
Announcing the agreement, Paul Walsh, chief executive officer of Diageo, said, "The announcement represents an important milestone in Diageo's journey. In the last two years since we announced our intent to exit food, we have brought together our global spirits, wine and beer businesses, including exciting new assets from Seagram. Now we will focus all our management skills to deliver sustainable top and bottom line growth and create still greater value for our shareholders.
Brought to you by CBS MoneyWatch.com
- 10 Best Places to Retire
- Companies with the Best 401(k) Plans
- Most Important Document for Your Heirs? It's Not Your Will
- Video: Should You Expect to Retire Rich?
- Over 50? Here's How to Get (and Keep) a Great Job
Most Recent Business Articles
- Your feedback
- Why fly solo when an executive assistant can accelerate your CLNC® business?
- The CLNC® mentors held the key to my first case and to my CLNC® success
- Atlanta CLNC® 6-day certification seminar photo galleryplus sign up today for spring 2009 to save $100.00
- Announcing the 2009 NACLNC® conference keynote speaker, Stedman Graham: move like a maverick for breakaway CLNC® success at the 2009 NACLNC® conference
Most Recent Business Publications
Most Popular Business Articles
- Using object-oriented analysis and design over traditional structured analysis and design
- Big Fish Games Migrates Upstream to Fisher Plaza; High Growth Online Gaming Firm Vaults Fisher Plaza Occupancy Rate Above 90%
- Top of the line: some of the world's most well-respected doctors practice in South Florida. A guide to choosing the best physician specialists - Top Doctors in South Florida
- Sand filter basics: high-rate sand filters can be confusing for those new to the business. Understanding valve modes is the key
- BEHR Paints Introduces a Colorful New Way to Paint and Prime All in One with BEHR Premium Plus Ultra™ Interior

