---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-24-000110"
form_type: "8-K"
ticker: "RSTRF"
cik: "0001618755"
company_name: "Restaurant Brands International Limited Partnership"
filed_at: "2024-01-16T23:59:59+00:00"
generated_at: "2026-06-06T23:16:37.235341+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-24-000110
- form_type: 8-K
- ticker: RSTRF
- cik: 0001618755
- company_name: Restaurant Brands International Limited Partnership
- filed_at: 2024-01-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618755/000095014224000110/0000950142-24-000110-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618755/000095014224000110/eh240438262_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-24-000110
- JSON: https://secwatch.observer/filing/0000950142-24-000110.json
- Plain text: https://secwatch.observer/filing/0000950142-24-000110.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.