UPDATE: Justice Holdings To Take Burger King Public With $1.4Bln Deal

Burger King Worldwide Holdings Inc. reached a $1.4 billion cash deal with U.K. investment vehicle Justice Holdings Ltd. (JUSH.LN) that would bring the fast-food chain back to the public market in the next two to three months.

Under the proposed agreement with private-equity firm 3G Capital Management, Justice agreed to pay about $1.4 billion for a stake in the restaurant chain, which 3G Capital acquired in 2010 through a deal valued around $4 billion.

Interest from debt incurred in the acquisition has declined of late after weighing heavily on Burger King's bottom line. The fast-food chain's margins have improved since the company launched a global restructuring plan, though its sales performance still lags that of rival McDonald's Corp. (MCD), which has achieved strong growth with new product offerings.

The latest deal would meet the original goal of Justice, a cash shell founded by billionaire investor Nicolas Berggruen, Pershing Square Capital Management founder Bill Ackman and Jarden Corp. (JAH) Executive Chairman Martin Franklin. The high-profile investors set up the fund last year, aiming to buy a company with an enterprise value of between $2 billion and $10 billion.

New York's 3G Capital would remain Burger King's principal shareholder under the deal with a 71% stake in the public company, while Justice and its founders would hold the remaining 29% interest.

Justice plans to move its listing from the London Stock Exchange and bring the combined company to the New York Stock Exchange. Burger King is expected to list within the next 60 to 90 days.

"We believe it is the right time for Burger King to be publicly traded in the U.S. again," Burger King Chief Financial Officer Daniel Schwartz said.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

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