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Burger King genitor acquires sub sandwich concatenation for $1 cardinal successful cash

Restaurant Brands International Inc. undefined said Monday that it has agreed to get Firehouse Subs, a sub sandwich concatenation founded successful Jacksonville, Fla., for $1 cardinal successful cash, funded done cash-on-hand and debt. The acquisition is expected to beryllium net accretive immediately. Restaurant Brands' existing chains see Burger King, Tim Hortons and Popeyes. Firehouse Subs was launched successful 1994 by 2 brothers, Chris Sorensen and Robin Sorensen, who are erstwhile firefighters. Firehouse Subs has 1,200 locations crossed 46 states, Puerto Rico and Canada. The institution is 97% franchised and is expecting 2021 system-wide income of $1.1 cardinal and 20% U.S. comparable sales. Restaurant Brands estimates the worth of the U.S. quick-service sandwich class astatine $30 billion. After the adjacent of the transaction, the institution volition proceed to beryllium managed by Chief Executive Don Fox and Chief Financial Officer Vincent Burchianti. Restaurant Brands shares edged up astir 1% successful Monday premarket trading, and the banal has fallen 6.4% for the twelvemonth to date. The S&P 500 scale undefined is up 24.7% for 2021 truthful far.