In a major move within the fast-food industry, Burger King's parent company, Restaurant Brands International, has announced its plans to acquire an Upstate New York restaurant group.

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The deal, valued at $1 billion, aims to support Burger King's ongoing efforts to upgrade and remodel its restaurants and drive its overall turnaround strategy.

Carrols Restaurant Group, headquartered in Syracuse, New York, operates over 1,000 Burger King locations across 23 states, making it one of the largest restaurant franchisees in North America.

As part of the acquisition, Restaurant Brands International will purchase all of Carrols' outstanding stock that it doesn't already own for $9.55 per share, in an all-cash transaction. The deal is expected to be completed in the second quarter of this year.

Restaurant Brands International has plans to invest $500 million into updating approximately 600 of Carrols' Burger King locations. These updates will help modernize the restaurants and align them with Burger King's image transformation and customer experience enhancement initiatives.

The acquisition aligns with Burger King's "Reclaim the Flame" campaign, which aims to improve operations, enhance marketing efforts, and support technology and digital priorities.

Commenting on the acquisition, Tom Curtis, President of Burger King U.S. and Canada said, "This acquisition is an exciting accelerator to our 'Reclaim the Flame' plan that is focused on relentlessly pursuing a better experience for our guests."

While Carrols will continue to operate the acquired restaurants in partnership with Burger King's operations teams, the long-term plan is to re-franchise the majority of the portfolio to new or existing smaller franchise operators within local communities.

Restaurant Brands International, one of the world's largest quick-service restaurant companies, also owns other well-known brands such as Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs. With over $40 billion in annual system-wide sales and more than 30,000 restaurants in 100 countries, the company aims to leverage its expertise and resources to strengthen and grow its portfolio of brands.

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