The restaurant group behind Tim Hortons and Burger King, Restaurant Brands International (RBI) has just reached a deal to acquire the Southern-style fried chicken purveyor Popeyes in a $1.8-billion deal.
Joining an existing portfolio that includes 20,000+ restaurants in 100+ countries across the globe, the quick-service chicken concept with 2,600 locations will continue to operate independently in the US “while benefitting from the global scale and resources of RBI.”
In a press release from RBI, Chief Executive Officer Daniel Schwartz writes:
Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth […] We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world.
While the transaction is still subject to customary closing conditions, the companies have reached an agreement that would see Popeyes’ acquired for $79.00 per share, a 27% premium based on average trading prices as of February 10.
Will the menus at the iconic chains ever mingle? Unlikely. So… don’t get your hopes up for breakfast sandwiches built on steaming Southern biscuits or fried chicken with a doughnut chaser.