The Board of Burger King has agreed for the Miami-based fast-food chain to be taken private for the second time in its history, after accepting a $4 billion (€3.1 billion) bid from 3G Capital, a little-known US investment group backed by Brazilian investors.

New York-based 3G Capital has won the Burger King board’s unanimous approval for its $24-per- share cash takeover bid, which values the burger chain at $4 billion including about $750 million of assumed debt.

Jorge Paulo Lemann, Marcel Telles and Carlos Sicupira, all Brazilian billionaires, are among the big investors in 3G Capital who will be providing the equity to finance the hedge fund’s bid. JPMorgan and Barclays Capital are providing debt for the deal.

Burger King has lagged behind fast-food rivals such as McDonald’s during the recession, but 3G aims to expand by opening new stores in Latin America and Asia.