Burger King Sale

Diageo PLC has agreed to sell its fast-food business Burger King Corp. for $2.26 billion.

The long-awaited deal, reached after days of intense negotiations, is crucial to Diageo's strategy of focusing on its more lucrative business of making and selling alcoholic beverages. The company's best-known brands include Johnnie Walker scotch, Guinness beers and Bailey's Irish Cream liqueur.