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Can the Home of the Whopper get its sizzle back? Texas Pacific Group thinks so. The Fort Worth-based venture capital firm, joined by Boston’s Bain Capital, Inc., and New York’s Goldman Sachs Capital Partners, is buying the embattled burger giant from Diageo plc. The $2.26 billion cash deal ends a four-month auction that garnered only lukewarm bids. London-based Diageo, the world’s top-ranked liquor company, has long wanted to dump the ailing fast food brand in order to focus on its beverage business. Despite a potent brand name and 11,500 stores, Burger King Corporation has lagged behind archrival McDonalds Corporation, which has supersized its market share by 20 percent in the past five years. The lack of meatier bids may have been a result of Burger King’s aging infrastructure. According to Wall Street analysts, the company will need to beef up its marketing, technology systems, and real estate holdings if it hopes to out-fry the Golden Arches. But Burger King will gain a powerful new asset in TPG chairman David Bonderman, whose legendary turnaround of Continental Airlines, Inc., after its bankruptcy kept that company aloft. For acquirors Texas Pacific Group (Fort Worth), Bain Capital, Inc. (Boston), and Goldman Sachs Capital Partners (New York) Cleary, Gottlieb, Steen & Hamilton (New York): Corporate: Ethan Klingsberg, Michael Ryan, and associates Rina Kim, Timothy Mehok, Benet O’Reilly, Alex Sioukas, David Suh, and Matthew Tollin. Financing: Stephen Shalen and associate Adam Henry. Employee benefits: special counsel Deborah Kurtzberg and associates Kyong Chul Choi and Pamela Nadler. Tax: Yaron Reich and associate Jason Factor. Intellectual property: special counsel Mauro Premutico and associates Moshe Malina and Jessica Weiner. Real estate: Donald Stern and associate Stephen de Vore. Environmental: special counsel Richard Bidstrup. Antitrust: Mark Leddy, Robbert Snelders, and associates Brian Byrne, Damien Gerard, and Marc Waha. Litigation: Max Gitter, Sara Schotland, and associates James Corsiglia and Jeffrey Jordan. Bankruptcy: Lindsee Granfield and associate Kelly Koyama. (Bidstrup, Leddy, Byrne, and Schotland are in the firm’s Washington, D.C., office; and Snelders, Gerard, and Waha are in Brussels.) The firm has worked with the client since Texas Pacific Group was founded in 1993, and its relationship with TPG chairman David Bonderman dates back to 1989. For Diageo plc (London), parent of target Burger King Corporation (Miami) In-house: Diageo general counsel Timothy Proctor and associate general counsel Sabine Chalmers; Burger King general counsel Richard Hirst and associate general counsel Elsie Romero. Sullivan & Cromwell (New York): Corporate: Francis Aquila and associates ToniAnn Ferretti, Eric Krautheimer, Stephen Oxman, and Natalie Reeves. Tax: Ronald Creamer, Jr., and associate John Sweet. Employee benefits: Max Schwartz and associate Sandra Wieder Cohen. Intellectual property: special counsel Joshua Bressler. Antitrust: Theodore Edelman and associate Catherine Rosato. Real estate: special counsel Dorothy Cumby and associate Krysten Kimmet. Environmental: special counsel Matthew Brennan. Litigation: Philip Graham, Jr., and associate Jaasi Munanka. The firm has worked with Burger King Corporation since 1997, and its relationship with Diageo’s predecessor, Grand Metropolitan plc, extends back to the 1970s. Outlook The deal is expected to close in the fourth quarter of 2002.

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