The parent company of the Burger King and Tim Horton‘s food chains are in motion to purchase the Popeyes Louisiana Kitchen food chain. Restaurant Brands International Inc. will pay $1.8 billion for the fried chicken staple, and the company plans to extend the southern-styled restaurant’s reach to a global audience.
Business Insider reports:
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” Restaurant Brands International CEO Daniel Schwartz said in a statement. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and international prospects for growth.”
The offer price represents a 27% premium. The deal will be financed with cash and a loan from JPMorgan and Wells Fargo.
Restaurant Brands International is a Canadian multinational that was formed when Burgeith Tim Hortons in 2014.
Popeyes was founded in June 1972 in New Orleans. Today, Popeyes Lousiana Kitchen has more than 2,000 locations with the large majority of them located within the United States.
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