Mardi Gras is still a week away, but it looks like the Burger King is ready to take a stroll down Bourbon Street.
The companies plan to close on the deal in April, and Restaurant Brands said Popeyes will be managed independently in the US, "while benefitting from the global scale and resources of RBI".
Under the new ownership, the chicken chain will be "accelerating its pace of growth" with the opening of new restaurants in the United States and elsewhere, it added.
Presently, there are more than 20,000 Burger King stores around the world in about 15,000 locations.
Founded in New Orleans in 1972, Popeyes has grown to become a major competitor in the fast-food market, taking on the likes of KFC - formerly known as Kentucky Fried Chicken. The deal reflects a 27% premium on the 30-day average of the company's share price.
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"With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and worldwide prospects for growth". "The result is a transaction that delivers immediate and certain value to the Popeyes shareholders". "It's all about growth - and that stems from Cheryl coming in and righting the ship". "The team has done a great job setting the foundation for future growth." he further stated that the Popeyes is going to be managed independently.
It's been more than two years since the $12 billion merger between Tim Hortons and Burger King, so it was probably only a matter of time before 3G Capital made its next deal in the fast food industry.
Popeyes did post revenue of $61 million for the three-month period ended December 25, compared to Wall Street's expectations of $59.9 million.
In Popeyes, Restaurant Brands is getting a food group not now represented in its existing brand portfolio - southern fried chicken and biscuits - and a 2,600-store footprint that is 98% franchised. Restaurant Brands International, meanwhile, is enjoying a 6.4% gain in Tuesday trading.
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