Diageo has agreed to sell its Burger King fast food chain to a group composed of Texas Pacific Group (TPG), Bain Capital and Goldman Sachs Capital Partners.
Diageo will receive $2.26 billion in cash, although a portion of the purchase price is dependent upon Burger King satisfying certain performance targets in its financial year ended 30 June 2002.
Burger King generated $11.2 billion in sales in over 11,000 worldwide restaurants last year.
