Burger King shares up on return to NYSE
21 Jun 2012
The world's No 2 hamburger chain, Burger King is back on the New York Stock Exchange.
The chain commenced trading as a public company again today under the ticker symbol "BKW." Shares were up 53 cents, or 3.7 per cent, to $15.01 by the close of trading.
The Miami-based chain last traded as a public company between 2006 and 2010, before it was purchased and taken private by investment firm 3G Capital.
Burger King's return to the NYSE did not come through an initial public offering, though. In a rather unusual deal 3G Capital in April sold a minority stake to Justice Holdings, a London-based entity specifically set up to invest in another company.
3G Capital received $1.4 billion in exchange and retains a 71 per cent stake in the company.
Under the deal, Justice suspended trading on the London Stock Exchange with the completion of the deal and emerged as Burger King Worldwide on the New York Stock Exchange.