Burger King parent to buy Firehouse Subs for $1 billion (updated)
15/11/2021 13:52
(Adds details on deal)
Nov 15 (Reuters) - Burger King-parent Restaurant Brands
International Inc QSR.TO said on Monday it would buy Firehouse
Subs for $1 billion in an all-cash deal as it adds the U.S.
sandwich chain to its roster of popular outlets, including Tim
Hortons and Popeyes.
The deal would immediately add to Restaurant Brands'
earnings, the company said.
Jacksonville, Florida-based Firehouse Subs' system-wide
sales would be about $1.1 billion for 2021, with October U.S.
same-store sales about 20% higher from pre-pandemic levels two
years ago, Restaurant Brands said.
Restaurant Brands said it planned to fund the deal, expected
to close in the coming months, through a combination of cash on
hand and debt.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by
Shinjini Ganguli)
((Praveen.Paramasivam@thomsonreuters.com;))