10:39 AM EDT, 05/16/2024 (MT Newswires) -- Restaurant Brands International (QSR) said Thursday it has completed its acquisition of all shares of Carrols Restaurant Group that it doesn't already own for $9.55 per share in an all-cash deal of about $1 billion.

Carrols, which is Restaurant Brands' largest Burger King franchisee in the US, is now part of Restaurant Brands' portfolio, Restaurant Brands said.

The company also reaffirmed plans to invest an additional $500 million to refresh the image of over 600 Carrols restaurants before refranchising the majority to smaller companies over the next seven years.

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