Burger King’s parent company, Restaurant Brands International Inc. (RBI), has agreed to buy out its biggest franchisee in the United States, Carrols Restaurant Group Inc., for approximately $1 billion.

Carrols operates 1,022 Burger King restaurants in 23 states, which is about 15 percent of all U.S. Burger King locations, and 60 Popeyes restaurants in six states.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to RBI, while J.P. Morgan is acting as financial advisor.

Milbank LLP is serving as legal counsel to the Special Committee of the Carrols Board of Directors, while Jefferies LLC is acting as financial advisor.

The deal is anticipated to close in the second quarter of 2024 and is subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions.