Burger King is being sold to private equity firm 3G Capital in a deal valued at $3.26bn, it has been announced.
The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumors for days.
Burger King floated on Wall Street in 2006, four years after being bought by a group of private equity firms.
The group – TPG Capital, Bain Capital and Goldman Sachs Funds – still own 31% of Burger King shares.
The deal, worth $24 a share, comes after Burger King’s stock price surged more than 15% on Wednesday and opened on Thursday up 23% at $23.25.
In a statement, the companies said that the deal represented a 46% premium to Burger King’s share price before news of a possible takeover surfaced.
3G will also take on Burger King’s debt, valuing the deal at $4bn in total.
WATCH: INTEL BUYS MCAFFEE