IT’S A DEAL: Popeye’s Sold For $1.8 Billion In Cash
The company that owns Burger King and Canadian food chains Tim Hortons and Bake Shop now have a fried chicken powerhouse in their portfolio. In a deal that cost an estimated $1.8 Billion in cash. Restaurant Brands International paid a premium to shareholders; paying $79 per share.
The massive conglomerate was formed after Burger King bought Tim Hortons in 2014. Since then, the company has more than 20,000 locations globally. Popeyes has more than 2,600.
Popeyes was founded in New Orleans in 1972. An Atlanta-based company, AFC Enterprises, acquired the chain in 1992.
(The Associated Press contributed to this report.)