American-Jewish Billionaire Buys Burger King for $1.4 Billion
Nicolas Berggruen acquires controlling interest in fast food chain, plans IPO
Nicolas BerggruenAmerican-Jewish billionaire Nicolas Berggruen has purchased the controlling interest in Burger King.
Berggruen invested $1.4 billion in the fast food chain, which is considered the second-largest in the world, and is reportedly planning to take the company public via the New York Stock Exchange.
Burger King left Israel in 2010, converging with the local Burger Ranch chain; but there are speculations that it will now try to gain a foothold in the Israeli fast food market once more.
Formed in the United States in the 1950s, Burger King has 12,000 branches in 70 countries worldwide.
Alongside his business ventures and private equity holdings, Berggruen is also the world's largest private collector of Picasso art.
One of his current Israeli ventures includes the construction of Meyer Tower in Tel Aviv, which is expected to be the most expensive residential building in Israel.
This article is reprinted with permission from Ynet.
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