Industry News | October 11, 2002

E.U. Approves Burger King Sale

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The European Union Commission cleared the sale of Burger King Corp. by parent corporation Diageo PLC to a consortium of U.S. investment banks.

The $2.26 billion cash sale to Texas Pacific Group, Goldman Sachs Group Inc. (NYSE:GS - News) and Bain Capital Inc. was approved after no competitive conflicts were cited. Although the deal places Burger King within the ownership portfolio of Domino’s Pizza, the commission found it "will continue to face competition from a wide range of rival food chains."

United States regulators approved the purchase in August.