Brazilian private equity firm 3G Capital Partners Ltd. sold shares in Restaurant Brands International Inc. for US$3-billion in the past month, regulatory filings showed.
An affiliate of 3G Capital Partners Ltd. is selling about 40 million shares, reducing its stake in the Burger King and Tim Hortons owner to 32.1 per cent from 41 per cent.
Last month, it sold 24 million shares at US$72.50 a share, raising US$1.74-billion. On Tuesday, it agreed to sell the remaining 17 million to Morgan Stanley & Co. LLC to raise about US$1.3-billion, based on the company’s closing price on Tuesday.
Sources said that Morgan Stanley re-offered the latest block of U.S.-listed shares at US$75.50, at the bottom end of its marketed range of US$75.50-US$76.50.
At US$75.50, the deal represents a 1.4-per-cent discount to the company’s Tuesday close of US$76.59.
Shares of the company closed down 2.1 per cent on the New York Stock Exchange on Wednesday.
Restaurant Brands, which also owns fast-food restaurant chain Popeyes Louisiana Kitchen, reported a better-than-expected quarterly profit last month, as product launches including the Impossible Whopper drew diners to Burger King.