Chicago • Burger King's new ruler could help its empire expand.

Burger King Holdings Inc. sealed a deal Thursday to sell itself for $3.26 billion to 3G Capital, an investment firm with strong ties to Latin America.

The fast-food chain's chairman and CEO, John Chidsey, said the deal will help it expand more rapidly overseas. Chidsey, who will become co-chairman of the company after the tender offer is complete, said the $24-per-share deal also brings 3G Capital's experience and contacts abroad.

"Hopefully they'll be able to even provide more of an accelerant to the fire," he said.

More than a third of Burger King's locations are outside the U.S. That's growing as the company shifts its expansion focus to other countries. In the past year, 90 percent of its new stores were built abroad.

Chidsey declined to comment on potential efforts to cut costs, including possible layoffs. Messages left for 3G Capital weren't returned but in a letter on its website, the company said it plans to invest in the brand and highlighted opportunities in Asia and Latin America. Burger King's headquarters will remain in Miami.

Burger King's 12,100 stores perennially lag its far larger competitor McDonald's Corp.

It struggled to keep up with its rival during the economy's roller coaster of the past two years.

"McDonald's is just eating their lunch," said Bob Goldin, an analyst at the food consulting firm Technomic Inc. "Burger King's very heavily focused on a core audience of the younger male. And with that group, their attention goes to whoever has a better deal or whatever is hotter." —