Buffett's firm helps finance Burger King deal

Warren Buffett's company is putting up $3 billion to help Burger King buy Canadian fast food chain Tim Hortons Inc. Berkshire Hathaway is expected to receive preferred stock in the new company. (Michael Buckner, Getty Images)
Warren Buffett's company is putting up $3 billion to help Burger King buy Canadian fast food chain Tim Hortons Inc. Berkshire Hathaway is expected to receive preferred stock in the new company. (Michael Buckner, Getty Images)
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Updated: 8/26 10:59 am

OMAHA, Neb. (AP) — Warren Buffett's company is putting up $3 billion to help Burger King acquire Canadian fast food chain Tim Hortons Inc.

Berkshire Hathaway is expected to receive preferred stock in the new company in return for helping finance the $11 billion deal.

This is not the first time Buffett has worked with the investment firm that controls Burger King, 3G Capital. Last year, Buffett joined with 3G to buy H.J. Heinz Co. in a $23.3 billion deal.

In May, Buffett told Berkshire Hathaway shareholders that he'd like to do additional deals with 3G Capital because the investors do "a magnificent job running a business."

Like with the Heinz deal, Berkshire is not expected to have a role in operating Burger King and Tim Hortons.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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