RBI to acquire Carrols Restaurant Group for $1.0B enterprise value; $9.55/share cash

Restaurant Brands International Limited Partnership

Acquisition price of $9.55 per share represents 23.1% premium to Carrols' 30-day VWAP as of Jan 12, 2024.
Carrols operates 1,022 Burger King and 60 Popeyes restaurants; RBI will invest $500M to remodel ~600 units over 5 years.
After remodeling, RBI plans to refranchise vast majority of acquired restaurants to smaller franchisees in 5-7 years.
Transaction expected to close Q2 2024, subject to antitrust clearance and Carrols shareholder approval; 30-day go-shop period.
RBI expects transaction to be approximately neutral to Adjusted EPS; net leverage increases minimally.

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