Nov. 15 (UPI) -- Burger King's parent company, Restaurant Brands International, has agreed to a deal to buy Firehouse Subs for about $1 billion, company officials announced Monday.
The companies said the agreement was funded through a combination of debt and cash.
Officials said Firehouse headquarters will remain in Jacksonville, Fla.
Restaurant Brands International CEO Jose Cil said the company hopes to see international growth for the chain, which is a competitor to Subway.
"We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI's development expertise, global franchisee network, and digital capabilities," Cil said in a statement.
Firehouse Subs was founded in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen and has 1,200 locations in the United States, Canada and Puerto Rico.
The deal is expected to close in the coming months.
