Under terms of the deal, the private equity, 3G Capital, must initiate its tender offer by Sept. 17. Burger King has until Oct. 12 to seek better deals, The New York Times reported Friday.
3G has agreed to pay $24 per share for the company, a 46 percent premium on the food giant's share prices until recently, when rumors of a sale triggered a sudden upswing in share prices.
The equity firm said it planned to expand Burger King in foreign markets, particularly Asia and Latin America, the Times said.
Burger King Chairman and Chief Executive John Chidsey would stay on as co-chairman, working alongside Alexandre Behring, 3G's managing partner, who would also take a co-chairman role.
The firm would look for a new CEO.
Behring said Burger King was "a perfect fit" for 3G.