BK’s parent to buy Popeyes for $1.8B

popeyes exterior

Restaurant Brands International, the parent company of Burger King and Tim Hortons, has agreed to add the Popeyes Louisiana fried chicken chain to its fold for $79 a share, or about $1.8 billion in total.

RBI said Popeyes will be run as an independent operation, but with recourse to the global resources of its new parent company. RBI was formed in part to expand North American brands around the globe. Popeyes has a relatively small number of restaurants outside of the United States.

The $79 bid is a 27% premium over Popeyes’ average stock price for the 30 days preceding Feb. 10, RBI said.

It specified that the deal will be funded with cash and financing from J.P. Morgan and Wells Fargo.

A report of a deal first aired last week, without confirmation from RBI or Popeyes. 

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

How much has the union dispute affected Starbucks' sales?

The Bottom Line: The coffee-shop giant says that it generated record results on its holiday launch and then on its annual Red Cup Day, despite a strike by its union and calls for a boycott.

Emerging Brands

7th Street Burger keeps it simple and affordable

This New York City-based smashburger concept is expecting to go from 26 to 100 units in the next two years, all company owned. Now the founders are growing a second brand.

Financing

The finances of younger consumers have taken a nosedive this year

The Bottom Line: Unemployment among younger Americans has soared, as have student loan delinquency rates, while average rent keeps going up. No wonder restaurant traffic is awful.

Trending

More from our partners