In a decision made on Thursday, Burger King, the fast food chain, agreed to a buyout deal offered by the Brazilian investment firm, 3G Capital. CapitalIQ, further stated that the deal, stated to be of the value of $4bn, would be the largest deal regarding the sale of a fast-food chain.

The Brazilian conglomerate 3G Capital is owned by a Brazilian Tycoon and a former tennis champion who has been termed as a good friend by Warren E. Buffett.

3G Capital had been contemplating to buy out Burger King from quite a long time ago and had been in a series of dialogue ever since.

According to Alexandre Behring, Managing Partner, 3G Capital, “The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital,”

Burger King though has not been performing up to the mark lately, Burger King, who earn 70% of their revenue from Northern America, have faced declining demand and the Company has also forecasted weak demand in the new fiscal year. It has also been remarked by analysts that Burger King’s weak performance could be because of its streamlined menu when compared to the variety that is offered by McDonald’s.

3G Capital has further stated that they would be looking forward to increase Burger King’s presence in Latin America and Asia.