Burger King owner to acquire Carrols Restaurant Group for $1 billion

Carrols’ acquisition: Burger King's parent company, Restaurant Brands, has anunced plans to acquire full control of Carrols Restaurant Group in a substantial $1 billion deal. transaction involves Restaurant Brands paying $9.55 per share in cash for Carrols Restaurant shares it doesn't currently own, presenting a 13.4 per cent premium to stock's closing price of $8.42 on Jan. 12.

At present, Restaurant Brands holds approximately 15 per cent of Carrols, which mans over 1,000 Burger King restaurants and 60 Popeyes outlets in United States. Tom Curtis, President of Burger King U.S. and Cana, stated, "We are going to rapidly remodel se restaurants over next five years or so and put m back into hands of motivated, local franchisees."

This move signals Restaurant Brands' commitment to reshaping and revitalizing acquired restaurants, underlining a future focus on motivated local franchisees.

(With Reuters inputs)