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.
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Reports indicate that the deal is expected to close in early April.
Read more at Reuters.