Burger King-owner to take full control of Carrols Restaurant in $1 bln deal (updated)

Carrols Restaurant

16/01/2024 12:23

(Adds details from the release)
       Jan 16 (Reuters) - Burger King-parent Restaurant Brands
 QSR.TO  said on Tuesday it would take full control of Carrols
Restaurant Group  TAST.O  in a deal with total enterprise value
of about $1 billion.
    Restaurant Brands will pay $9.55 per share in cash for the
Carrols Restaurant shares it does not already own, which is a
13.4% premium to the stock's closing price of $8.42 on Jan. 12.
    Restaurant Brands currently owns about 15% of Carrols, which
operates more than 1,000 Burger King restaurants, and 60 Popeyes
outlets in the United States.
    "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," Tom Curtis, president of Burger
King U.S. and Canada, said in a statement.

 (Reporting by Juveria Tabassum; Editing by Krishna Chandra
Eluri and Savio D'Souza)
 ((Juveria.Tabassum@thomsonreuters.com;))