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Burger King parent to buy Firehouse Subs for $1 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Restaurant Brands International’s logo is shown on a monitor on the New York Stock Exchange floor (NYSE), New York. November 6, 2019. REUTERS/Brendan McDermid

(Reuters) – Burger King-parent Restaurant Brands International, (NYSE:) Inc announced Monday that it will buy Firehouse Subs in an all cash deal. This acquisition adds Firehouse Subs to the company’s roster of restaurants including Popeyes and Tim Hortons.

Restaurant Brands said that the deal would instantly increase its earnings.

Firehouse Subs, Jacksonville, Florida, estimates that its systemwide sales will reach $1.1 billion in 2021. October U.S. sales are about 20% more than pre-pandemic levels, Restaurant Brands stated.

Restaurant Brands stated that it would finance the transaction, which is expected to close within the next few months using a mix of cash and debt.

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