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

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

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

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

(With Reuters inputs)