Restaurant Brands International Inc. (RBI)(NYSE: QSR) says it has completed its approximately $1 billion acquisition of Syracuse–based Carrols Restaurant Group, Inc.

With the close of the acquisition, the Toronto, Ontario–based RBI adds the largest Burger King franchisee in the U.S. to its portfolio as part of the company’s “Reclaim the Flame” plan, per the RBI announcement.

As previously announced, RBI will invest a further $500 million to “accelerate the reimaging” of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.

Carrols is currently operating 1,023 Burger King restaurants in 23 states as well as 59 Popeyes restaurants in six states. Carrols has operated Burger King restaurants since 1976 and Popeyes restaurants since 2019.

Founded in 1954, Burger King is the second–largest fast–food hamburger chain in the world (after McDonald’s). The Burger King system operates more than 19,000 restaurants in more than 120 countries and territories. Nearly all Burger King restaurants are owned and operated by independent franchisees, many of them family-owned operations that have “been in business for decades,” per the announcement.

Restaurant Brands International Inc. describes itself as “one of the world’s largest”quick–service restaurant companies with more than $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. RBI ownsTim Hortons, Burger King, Popeyes, Firehouse Sub, and more.