UK-based Diageo, the world's biggest wine and spirit producer, has announced it has agreed the sale of its fastfood concern Burger King to a consortium composed of Texas Pacific, Bain Capital and Goldman Sachs. Diageo will receive US$2.26bn in cash for Burger King Corporation (BKC) on a debt free basis. BKC will retain a minimum level of working capital, which will include US$15m of cash.