Canada’s Restaurant Brands International, owner of Burger King, has agreed to purchase U.S.-based Carrols Restaurant Group for approximately $1 billion, the companies announced Tuesday.

The all-cash deal calls for RBI to acquire all of Carrols’ issued and outstanding shares not already held by RBI or its affiliates for a premium price of $9.55 per share.

Toronto-based RBI owns the Burger King brand and Carrols is the chain’s largest franchisee in the U.S., operating 1,022 Burger King locations in 23 states. Syracuse, N.Y.-based Carrols also owns and operates 60 Popeyes restaurants in six states.

“We are going to rapidly remodel these restaurants over the next five years or so and put them back into the hands of motivated, local franchisees to create amazing experiences for our guests,” said Tom Curtis, RBI’s head of Burger King for the U.S. and Canada, in a news release.

Burger King expects to invest $500 million in the remodels. They will be funded by Carrols’ operating cash flow and cover about 600 restaurants. Eventually, Burger King will refranchise most of the remodelled restaurants to smaller franchisee groups.

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