Burger King, Tim Hortons parent to acquire Popeyes for $1.8 billion
Restaurant Brands International, the parents company fast food heavyweights Burger King and Tim Hortons, will acquire Popeyes Louisiana Kitchen for $1.8 billion, the companies announced Tuesday morning.
The chicken-centered Popeyes, founded in New Orleans in 1972, has 2,600 restaurants in the U.S. and 25 other countries. It adds to the more than 20,000 restaurants owned by RBI.
"Popeyes is a powerful brand with rich Louisiana heritage that resonates with guests around the world," RBI CEO Daniel Schwartz said in a .
Cheryl Bachelder, Popeyes' CEO, was pleased with the sale, as well.
"As Popeyes enters its 45th year, it's success reflects the amazing brand entrusted to us by founder Al Copeland, Sr., and the unique high trust partnership that we enjoy with our franchise owners," she said.
Popeyes shareholders will receive $79 in cash per share at the close of the sale, which is expected by early April 2017.