Burger King Holdings, the US fast-food chain being taken over by 3G Capital, will name Bernardo Hees chief executive officer after the $3.3 billion acquisition is completed.
Hees most recently served as CEO of railway company All America Latina Logistica, New York-based 3G said. The buyout, valued at $4 billion including debt, is scheduled to close by the end of the year.
The executive will replace John Chidsey, who will serve as co-Chairman of Burger King alongside 3G Capital managing partner Alex Behring. Burger King, which trails only McDonald’s Corp in US sales, agreed to the takeover last week, paving the way for the biggest restaurant acquisition in at least a decade.
Burger King sued
Burger King was sued by a stockholder contending the deal undervalues the shares.
The price “is unfair and grossly inadequate because, among other things, the intrinsic value of Burger King is materially in excess of the amount offered,” stockholder Roberto Queiroz said in a lawsuit made public today in Delaware Chancery Court.
The company represents more than 12,000 restaurants in the US and 76 countries and territories, including the Americas, Asia, Europe, Africa, Australia and New Zealand.