As expected, Restaurant Brands International, parent company to Tim Hortons and Burger King, has swooped up Popeyes Louisiana Kitchen in a mega transaction for $1.8 billion USD, or $79.00 per share in cash. The deal is expected to close early April 2017.
Popeyes has over 2,600 restaurants in the United States and 25 other countries, including Canada, and will expand RBI’s portfolio of fast food to over 20,000 restaurants in more than 100 countries and U.S. territories. Popeyes is based in Atlanta and is known for its Louisiana-style fried chicken and buttermilk biscuits.
Daniel Schwartz, Chief Executive Officer of RBI, said, “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. As Popeyes becomes part of the RBI family we believe we can deliver growth and opportunities for all of our stakeholders including our valued employees and franchisees. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world.”