Burger King announced on Tuesday that it is selling a portion of the company to Justice Holdings Limited, a publicly traded United Kingdom investment firm. New York hedge fund manager William A. Ackman, along with his partners in Justice Holdings, paid $1.4 billion in cash to buy 29 percent of Burger King.

The deal paves the way for Burger King to be traded again on the New York Stock Exchange within the next 60 to 90 days.  Burger King will effectively merge into the Justice corporate shell, which will cease trading on the London Stock Exchange, and begin trading on the New York Stock Exchange as Burger King Worldwide.

In October 2010, Burger King was sold to 3G Capital, which took the company private to work on remodeling restaurants, improving operations, and revamping the menu.  The goal of 3G Capital was to make an initial public offering in the first quarter of 2013.    3G Capital will receive $1.4 billion in cash to transfer Burger King to Ackman’s Justice Holdings but will retain 71 percent of the company.  The private equity investors will cash out of all the initial capital that went into the $4 billion purchase of Burger King in 2010.

The sale “allows management to not have to deal with all the distractions of a traditional IPO and allows us to focus on running the business,” said Burger King Chief Financial Officer Daniel Schwartz.

The new company will be based in Delaware, but the corporate headquarters will remain in Miami and the management team will stay intact.  There are more than 12,500 Burger Kings around the world–90 percent of which are franchised.

Meanwhile, Burger King this week launched the biggest menu expansion in its 58-year history, and chicken will play a prominent role in the new items. Chicken will be featured in Burger King Snack Wraps. Crispy Chicken Strips, made with white tenderloin chicken, marinated, and lightly battered in seasoned home-style breading, will also be available.  The new menu items are part of the company’s $750-million investment in upgrading the look of its restaurants and the launch of a new marketing campaign.