UK: Diageo close to selling Burger King to Texas Pacific for US$2.3bn
UK drinks conglomerate Diageo is reported to be close to selling its US fastfood subsidiary Burger King for US$2.3bn. Reuters reports that sources close to the talks expect the deal to be announced in July, with Texas Pacific emerging victorious over a rival bid led by Blackstone, not least because it has the support of Burger King chairman John Dasburg. That bid also has the backing of Goldman Sachs Capital Partners and Bain Capital.
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