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On the Record · Restaurant Brands International Limited Partnership

Restaurant Brands International Limited Partnership acquisitions, on the record

The businesses Restaurant Brands International Limited Partnership bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

BusinessDealWhenValue
Carrols Restaurant Group, Inc.
Word for word“we have recently reached an agreement to acquire the remaining equity interests of our largest U.S. Burger King franchisee, Carrols Restaurant Group, Inc. (“Carrols”).” 10-K for 2023
agreed acquisition——
approximately 125 Burger King restaurants unrelated to the Carrols acquisition
Word for word“In addition, we have recently acquired approximately 125 Burger King restaurants unrelated to the acquisition of Carrols, 38 of which were acquired in January 2024.” 10-K for 2023
acquisition38 of which were acquired in January 2024—
Firehouse Subs
Word for word“We completed the acquisition of Firehouse Subs on December 15, 2021 for total consideration of approximately $1,016 million (the “Firehouse Acquisition”).” 10-K for 2023
acquisitionDecember 15, 2021approximately $1,016 million
Popeyes China (PLK China)
Word for word“We completed the acquisitions of Carrols Restaurant Group Inc. (“Carrols”) (“the Carrols Acquisition”) and Popeyes China (“PLK China”) (“the PLK China Acquisition”) on May 16, 2024 and June 28, 2024, respectively.” 10-K for 2024
acquisitionJune 28, 2024—
Burger King China
Word for word“As discussed in Note 20, “Subsequent Events,” on February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China from our former joint venture partners for approximately $158 million.” 10-K for 2024
agreed acquisitionFebruary 14, 2025approximately $158 million
Burger King restaurants unrelated to Carrols (from franchisees)
Word for word“In 2023 and 2024, we also acquired approximately 125 BK restaurants unrelated to the acquisition of Carrols.” 10-K for 2024
acquisition2023 and 2024—
Pangaea Foods (China) Holdings Ltd. (BK China)
Word for word“On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China from our former joint venture partners for approximately $151 million in an all-cash transaction and assumed approximately $178 million of outstanding debt.” 10-K for 2025
acquisitionFebruary 14, 2025approximately $151 million
Popeyes China
Word for word“Additionally, following the acquisitions of Carrols Restaurant Group Inc. ("Carrols") and Popeyes China ("PLK China") ("PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively, we established a new operating and reportable segment, Restaurant Holdings ("RH").” 10-K for 2025
acquisitionJune 28, 2024—
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedCash paid for acquisitions (net of cash acquired)
2016-12-31$0
2017-12-31$1.64 billion
2018-12-31$0
2019-12-31$0
2020-12-31$0
2021-12-31$1 billion
2022-12-31$0
2023-12-31$17 million
2024-12-31$540 million
2025-12-31$152 million

Deal filings since 2016

Read from Restaurant Brands International Limited Partnership’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.