Restaurant Brands International is set to acquire Carrols Restaurant Group, the largest U.S. Burger King franchisee, for approximately $1 billion in cash, with the transaction expected to be finalized by the second quarter of 2024. The purchase price of $9.55 per share is a premium over Carrols' last closing market value of $459 million, causing a more than 12% surge in Carrols' share price in premarket trading. This move marks a strategic change for Burger King, which has primarily operated through franchises over the past decade and currently owns only 75 locations outright.