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Burger King parent Restaurant Brands International announced Monday it bought Firehouse Subs for $1 billion.
Shares of the restaurant conglomerate rose more than 1% on the news. The stock has fallen 4% this year, giving it a market value of $27.1 billion.
The sandwich chain is now the fourth brand in Restaurant Brands’ portfolio, which also includes Popeyes Louisiana Kitchen and Tim Hortons. The restaurant company has long been rumored to be on the hunt for another fast-food chain, although reviving Tim Hortons and accelerating Popeyes’ growth has kept it busy.
“We see tremendous potential to accelerate U.S. and international growth…