Burger King parent to buy Firehouse Subs for $1 billion

(Reuters) – Burger King-parent Restaurant Brands International Inc said on Monday it would buy Firehouse Subs for $1 billion in an all-cash deal as it adds the U.S. sandwich chain to its roster of popular outlets, including Tim Hortons and Popeyes.

The deal would immediately add to Restaurant Brands’ earnings, the company said.

Jacksonville, Florida-based Firehouse Subs’ system-wide sales would be about $1.1 billion for 2021, with October U.S. same-store sales about 20% higher from pre-pandemic levels two years ago, Restaurant Brands said.

Restaurant Brands said it planned to fund the deal, expected to close in the coming months, through a combination of cash on hand and debt.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)

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