Restaurant Brands International Inc., the owner of Burger King and Tim Hortons fast-food chains, is expanding its reach and entering the fried-chicken business, purchasing Popeyes Louisiana Kitchen for $1.8 billion in cash.
According to Reuters, the deal is a bet by the Canadian multinational fast-food company that it can use its international reach to introduce Popeyes’ fried chicken and buttermilk biscuits to more customers across the globe.
Popeyes shareholders will get $79 for each share they hold, the newswire notes. Popeeyes has more than 2,000 restaurants currently, with 1,600 in the U.S.
Reports indicate that the deal is expected to close in early April.
Read more at Reuters.