Restaurant Brands acquires Popeyes Louisiana Kitchen for $1.8 billion
Restaurant Brands International (RBI) and Popeyes Louisiana Kitchen have announced that the companies have reached an agreement for RBI to acquire Popeyes for $79.00 per share in cash, or $1.8 billion.
Restaurant Brands International (RBI) and Popeyes Louisiana Kitchen have announced that the companies have reached an agreement for RBI to acquire Popeyes for $79.00 per share in cash, or $1.8 billion.
The acquisition of Popeyes will add a highly-regarded brand with strong customer loyalty to RBI, one of the largest global quick-service restaurant (QSR) companies with two iconic QSR brands—Burger King and Tim Hortons.
Founded in New Orleans in 1972, Popeyes has 45 years of history and is the franchisor and operator of Popeyes restaurants. Today, there are more than 2,600 Popeyes restaurants in the United States and 25 other countries around the world. Its global footprint will complement RBI’s existing portfolio of more than 20,000 restaurants in 100+ countries and U.S. territories.
Following the closing of the transaction, Popeyes will continue to be managed independently in the United States, while benefitting from the global scale and resources of RBI. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the United States and international markets in the years to come.
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” said Daniel Schwartz, CEO of RBI. “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.”
The transaction is expected to close by early April 2017.