Restaurant Brands International Inc. (NYSE: QSR) announced that its limited partnership has received an irrevocable exchange notice from 3G Restaurant Brands Holdings LP, an affiliate of 3G Capital Partners Ltd., to exchange 2,784,549 Class B exchangeable limited partnership units.

Restaurant Brands International Limited Partnership intends to satisfy the notice by repurchasing the units for cash using available cash on hand. Once settled, the units will be cancelled, reducing Restaurant Brands International's fully diluted common share count by the same number of units. Following the transaction, 3G Restaurant Brands Holdings LP will hold approximately 21% of the company's fully diluted common shares.

The exchange is scheduled to settle on August 31, 2026. The cash repurchase price will be based on the 20-day volume weighted average price of the company's common shares traded on the NYSE in U.S. dollars, consistent with the terms of the limited partnership agreement.