Restaurant Brands International Acquires Carrols Restaurant Group

Restaurant Brands International (RBI) completed an all-cash acquisition of Carrols Restaurant Group on May 16 for approximately $1.0 billion (at $9.55 per share). RBI said it will invest an additional $500 million to reimage more than 600 restaurants and plans to refranchise most of the acquired units over the next seven years; Carrols operated 1,023 Burger King restaurants across 23 states and 59 Popeyes restaurants in six states.