Restaurant Brands International Inc., parent company to Burger King, has completed its previously announced acquisition of Carrols Restaurant Group, Inc., according to a press release.

The deal sees RBI acquire all outstanding shares of Carrols not already held by the company or its affiliates for $9.55 per share in an all-cash transaction, valuing Carrols at approximately $1.0 billion.

This acquisition adds the largest Burger King franchisee in the United States to RBI's portfolio, aligning with the company's "Reclaim the Flame" plan. As previously announced, RBI plans to invest an additional $500 million to accelerate the renovation of over 600 Carrols restaurants. Following the renovations, RBI intends to refranchise a majority of the acquired locations to new or existing smaller franchise operators over the next seven years.

To finance the acquisition, RBI subsidiaries secured an amendment to their existing credit agreement, increasing their borrowing capacity by $700 million to a total of $5.9 billion. These funds, along with existing cash reserves, were used to complete the acquisition, including repaying Carrols' credit agreement and redeeming its outstanding debt.

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