U.S. Carrols to buy more Burger King, Popeyes units in $238 mln deal

U.S.-based burger franchisee company Carrols Restaurant Group Inc. is nearing to acquire 166 more fast food restaurant chain Burger King units and 55 Popeyes Louisiana Kitchen restaurants from rival Cambridge Franchise Holdings LLC.

Under the $238 million merger deal with Cambridge Franchise Holdings LLC, part of investment firm Garnett Station Partners, the company will get about 7.36 million shares of Carrols common stock.

Moreso, Carrols will develop 200 new Burger King restaurants over the next six years and remodel or upgrade some restaurants.

Carrols said that the transaction strengthens its position in the Burger King system and provides an opportunity to continue executing its Burger King acquisition and expansion strategy.