"Burger King Owner Acquires Largest U.S. Franchisee for $1 Billion"

Restaurant Brands International is acquiring Carrols Restaurant Group, the largest Burger King franchisee in the U.S., for about $1 billion in cash. This move marks a shift in strategy for Burger King, which has been almost entirely franchised for the last decade. The acquisition is part of a $400 million plan to revive Burger King's U.S. business, focusing on investing in restaurant remodels and advertising to drive demand and boost franchisee profits. Restaurant Brands plans to rapidly remodel 600 of Carrols' Burger King locations over the next five years and then sell them back to franchisees, with the goal of holding onto a couple hundred restaurants for strategic innovation, training, and operator development purposes.