Burger King's owner is buying the chain's largest franchisee for $1 billion. It plans to flip 600 restaurants and sell them to 'motivated' operators.

• Burger King's owner is buying the chain's largest franchisee in a deal valued at $1 billion. 
• Restaurant Brands International plans to invest $500 million remodeling 600 Burger Kings.
• The move comes as Burger King has pushed for remodels of top outlets while closing others. 

Burger King's owner is going into the flipping business.

Restaurant Brands International, the parent company of Burger King and Popeyes, announced plans Tuesday to buy more than 1,000 fast-food restaurants from its largest Burger King franchisee.