NEW YORK (AP) — Burger King will return to the New York Stock Exchange after the market opens Wednesday.
The world's second-biggest hamburger chain last traded as a public company between 2006 and 2010. The company was then purchased and taken private by investment firm 3G Capital, which has been overhauling the chain's operations.
Burger King's listing on the exchange under the ticker "BKW" won't be through an initial public offering, however. 3G Capital announced an unusual deal in April to sell a minority stake to Justice Holdings, a London-based entity that was specifically set up to invest in another company. 3G Capital received $1.4 billion in exchange and retains a 71 percent stake in the company.
Under the deal, Justice was to suspend trading on the London Stock Exchange once the deal was complete and emerge as Burger King Worldwide Inc. on the New York Stock Exchange.
Miguel Piedra, a Burger King spokesman, said only 16 percent of shares will be available to retail investors when the stock begins trading again on the Big Board.
As the fast-food market becomes increasingly crowded at home, Burger King has recently been focusing on expansion overseas. This month, the Miami-based chain announced plans to open hundreds of new restaurants in Russia and 1,000 in China over the next several years. That's in addition to similar expansion plan for Brazil.
In the past year, 80 percent of new store openings were in Europe, the Middle East and Africa. Burger King has 12,500 locations worldwide.
In the U.S., Burger King in April launched its biggest menu expansion ever. The chain is abandoning its strategy of courting young men and going after a broader customer base of moms and families.
Burger King has more than 12,500 restaurants worldwide, compared with 33,000 for McDonald's Corp.