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

Topics

How the shift to counter service has changed Steak n Shake's profitability

The Bottom Line: Sardar Biglari, chairman of the chain’s owner Biglari Holdings, details how the addition of kiosks and counter service has transformed restaurants.

Food

Grand Geneva Resort & Spa's 'Ouisconsin' croissants reflect the state's French legacy

Behind the Menu: Hyper-local Wisconsin ingredients and a three-day baking process turn out pastries that are in high demand by hotel guests.

Financing

Reaction to Wendy's dynamic pricing test reveals its risks

The Bottom Line: The burger chain mentioned last week that it would test the pricing strategy sometime next year. Consumers frustrated with prices reacted swiftly.

Trending

More from our partners