On the Record · Restaurant Brands International

Restaurant Brands International acquisitions, on the record

The businesses Restaurant Brands International 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

Business	Deal	When	Value
Carrols Restaurant Group, Inc. Word for word“On January 16, 2024, we announced that we have reached an agreement to acquire all of Carrols Restaurant Group, Inc. (“Carrols”) issued and outstanding shares that are not already held by RBI or its affiliates for $9.55 per share in an all cash transaction, or an aggregate total enterprise value of approximately $1.0 billion.” 10-K for 2023	agreed acquisition	—	—
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	acquisition	December 15, 2021	approximately $1,016 million
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	acquisition	38 of which were acquired in January 2024	—
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	acquisition	June 28, 2024	—
Burger King restaurants unrelated to Carrols Word for word“In 2023 and 2024, we also acquired approximately 125 BK restaurants unrelated to the acquisition of Carrols.” 10-K for 2024	acquisition	In 2023 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	acquisition	February 14, 2025	approximately $151 million

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)
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

2025-11-14 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-09-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-09-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-08-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-06-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-06-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-05-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-01-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-09-21 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-08-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-02-28 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-11-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-12-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-08-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-07-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-06-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-11-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-11-02 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-10-21 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-10-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-10-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-09-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-04-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-04-03 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-11-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-11-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-09-24 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-09-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-09-05 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-08-13 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-10-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-10-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-10-05 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-09-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-08-28 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-08-09 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-05-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-05-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-03-31 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-02-22 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-02-17 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from Restaurant Brands International’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.