Diageo’s Burger King Sold for $1.5 Billion

British drinks giant Diageo clinched the sale of its Burger King chain to a private equity consortium led by Texas Pacific in a cut-price, $1.5-billion deal.

The world’s largest spirits group completed the sale after talks with the buyers that brought the price down by about a third from the $2.26 billion initially agreed on in July.

Diageo shares rose $1.95 to $44 on the New York Stock Exchange.