Burger King Company is finalizing the acquisition of the Carrols restaurant group

TORONTO – Restaurant Brands International Inc. (“RBI”) (TSX: QSR) (NYSE: QSR) (TSX: QSP) announced that it has completed its previously announced acquisition of all of the issued and outstanding shares of Carrols Restaurant Group, Inc. (“Carrols”) (formerly NASDAQ: TAST), which are not already held by RBI or its affiliates for $9.55 per share in a cash transaction, representing a total enterprise value of approximately $1.0 billion.

With the closing of the acquisition, RBI adds the largest Burger King® (“BK”) franchisee in the United States to its portfolio as part of its Reclaim the Flame plan. As previously announced, the Company will invest another $500 million to accelerate the rebranding of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.

Additionally, on May 16, 2024, RBI’s subsidiaries entered into an amendment to its existing Credit Agreement (the “2024 Amendment”), increasing the existing Term Loan B by an outstanding amount of $5.2 billion to the Term Loan B by $5.9 billion (the “2024 Amendment) Term Loan B”) on the same terms as the existing Term Loan B. The proceeds from the increase in the Term Loan B were used together with available cash to complete the acquisition of Carrols, including the repayment of the loan agreement and the redemption and repayment of outstanding senior bonds with an interest rate of 5.875% and maturity in 2029.

About the Carrols Restaurant Group

Carrols is one of the largest restaurant franchisees in North America. It is the largest Burger King® franchisee in the United States, currently operating 1,023 Burger King® restaurants in 23 states and 59 Popeyes® restaurants in six states. Carrols has operated Burger King® restaurants since 1976 and Popeyes® restaurants since 2019. More information can be found on the Company’s website at www.carrols.com.

About Burger King®

Founded in 1954, the Burger King® brand is the second largest fast food hamburger chain in the world. The original Home of the Whopper®, Burger King® serves more than 19,000 restaurants in over 120 countries and territories. Nearly all Burger King® restaurants are owned and operated by independent franchisees, and many are family-owned businesses that have been in business for decades. To learn more about the Burger King® brand, visit the Burger King® brand website at www.bk.com or follow us on Facebook, X and Instagram.

About Restaurant Brands International Inc.

Restaurant Brands International Inc. is one of the world’s largest quick-service restaurant companies, with annual system-wide sales of more than $40 billion and more than 30,000 restaurants in more than 120 countries and territories. RBI owns four of the most famous and iconic fast food restaurant brands in the world – TIM HORTONS®, BURGER KING®, POPEYES® and FIREHOUSE SUBS®. These independently operated brands have been serving their guests, franchisees and communities for decades. Because of your own Restaurant brands for good Within the RBI framework, it improves sustainable outcomes related to food, the planet and people and communities. More information about RBI can be found on the company’s website at www.rbi.com.