UK drinks conglomerate Diageo is reported to be seeking bids in excess of US$2.3bn for the Burger King fastfood division it is planning to divest.
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The sale is the last part of Diageo’s campaign to focus exclusively on its drinks portfolio, which includes Guinness beer, Smirnoff vodka and Johnnie Walker whisky. The group sold its Pillsbury food division last year for US$10.5bn.
A number of buyout firms, including Bain Capital Inc., Blackstone Group LP, Texas Pacific Group and Thomas H. Lee Partners LP, have been cited as likely bidders.
