Shares of Carrols Restaurant Group experienced a significant surge on Tuesday after Restaurant Brands International, the parent company of Burger King, announced its plans to acquire the company. In pre-market trading, the stock rose by 13% to reach $9.50, marking a fourfold increase over the past year.

Restaurant Brands International (RBI) has agreed to pay $9.55 per share for Carrols, resulting in an enterprise value of approximately $1 billion. As the largest Burger King franchisee in the U.S., Carrols operates more than 1,000 locations. In addition, the company owns and manages 60 Popeyes restaurants.

RBI revealed that the purchase price represents a 13.4% premium on Carrols' closing price on January 12th and a 23% premium on the stock's 30-day volume weighted average price as of the same date. Notably, Carrols' Burger King restaurants achieved system sales of around $1.8 billion in the year ending September 30th.

In contrast to Carrols' stock surge, shares of Restaurant Brands experienced a slight decline of 1.1% in pre-market trading, falling to $77.58.

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