Parent company of Tim Hortons to buy Popeyes restaurant chain for $1.8 billion
TORONTO — The parent company of Tim Hortons and Burger King is making a move to add fried chicken with an offer to buy Popeyes in a friendly deal.
The Parent company of Tim Hortons has just reached agreement to purchase Popeyes Louisiana Kichen company.
NEW YORK - Restaurant Brands International says it's buying Popeyes fast-food chicken restaurant company for $1.8 billion, bringing the chain under the same corporate umbrella as Burger King and Tim Hortons.
The move fits with Restaurant Brands' approach of taking over well-known fast-food chains it sees as having the potential for significant expansion. The deal gives Popeyes shareholders $79 per share, representing a 27 per cent premium from its average price on Feb. 10. The product branding draws its roots and flavours from its founding restaurant in New Orleans, Louisiana
Restaurant Brands was created after Burger King, controlled by Brazilian investment firm 3G Capital, bought Tim Hortons in 2014. Since then, the company has been striking deals with local operators to open additional locations around the world.
Restaurant Brands has more than 20,000 locations globally.
Popeyes has more than 2,600 locations, with some internationally. It made its first move out of the United States in 1984 when it opened a location in Toronto. Now there is one in Calgary, many in southern Ontario and some in Ottawa and Montreal. There are no Popeyes locations in Atlantic Canada.