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 32.1% from 41%.
Last month, it sold 24 million shares at $72.50 per share, raising $1.74 billion. On Tuesday, it agreed to sell the remaining 17 million to Morgan Stanley & Co LLC to raise about $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 $75.50, at the bottom end of its marketed range of $75.50-$76.50.Shares of the company were down 2.5% 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. Reporting by Arathy S Nair in Bengaluru and Lance Tupper in New York; Editing by Saumyadeb Chakrabarty
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