As part of the deal, Franklin and Parker will join Burger King's board when the deal closes.
Investment funds managed by Pershing Square will own about 10 percent of the company's outstanding shares, which they will receive as a result of their stake in Justice.
Follow Candice Choi at www.twitter.com/candicechoi
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.