(CBS/AP) NEW YORK — The King is returning to the stock market.
Burger King, a hamburger chain, is revamping its menu in an attempt to revive its struggling business and preparing to list its stock on the New York Stock Exchange. The company says its international growth plans will benefit from better visibility as a public company.
Burger King was taken private in 2010 by investment firm 3G Capital.
In a deal announced late Tuesday, 3G Capital is selling a 29 percent stake in Miami-based Burger King Worldwide Holdings Inc. for $1.4 billion in cash to Justice Holdings LTD, a U.K.-based investment vehicle.
Justice's shares will then suspend trading on the London Stock Exchange. The company will emerge as Burger King Worldwide Inc. and its shares will be traded on the NYSE.