(Photo By Flickr User Mike Mozart)
According to The Associated Press, Restaurant Brands International says it’s buying Popeyes for $1.8 billion, bringing the chicken chain under the same corporate umbrella as Burger King and Tim Hortons.
The move fits with Restaurant Brands’ approach of taking over well-known fast-food chains it sees as having the potential for significant expansion.
The deal gives Popeyes shareholders $79 per share, representing a 27% premium from its average price on February 10th.
Restaurant Brands was created after Burger King, controlled by Brazilian investment firm 3G Capital, bought Tim Hortons in 2014.
Since then, the company has been striking deals with local operators to open additional locations around the world.
Restaurant Brands has more than 20,000 locations globally. Popeyes has more than 2,600. This number is about double what it had in 2008, and about 97% are franchises.
