3G Capital selling US$3 billion shares in Burger King owner

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Brazilian private equity firm 3G Capital Partners Ltd sold shares in Restaurant Brands International Inc for US$3 billion in the past month, ...

REUTERS: Brazilian private equity firm 3G Capital Partners Ltd sold shares in Restaurant Brands International Inc for US$3 billion in the past month, regulatory filings showed.

An affiliate of 3G Capital Partners Ltd is selling about 40 million shares, reducing its stake in the Burger King and Tim Hortons owner to 32.1per cent from 41per cent.Last month, it sold 24 million shares at US$72.50 per share, raising US$1.74 billion. On Tuesday, it agreed to sell the remaining 17 million to Morgan Stanley & Co LLC to raise about US$1.3 billion, based on the company's closing price on Tuesday.

Sources told Reuters that Morgan Stanley re-offered the latest block of U.S.-listed shares at US$75.50, at the bottom end of its marketed range of US$75.50-US$76.50.Shares of the company were down 2.5per cent in morning trading.Restaurant Brands, which also owns fast-food restaurant chain Popeyes Louisiana Kitchen, reported a better-than-expected quarterly profit last month, as product launches including the Impossible Whopper drew diners to Burger King.

 

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