Restaurant Brands International Inc. QSR 0.09% said Tuesday it has agreed to acquire Popeyes Louisiana Kitchen Inc. PLKI -0.39% for $1.8 billion in cash.
Under the terms of the agreement, Restaurant Brands, operator of Burger King and Tim Hortons, will pay $79 per Popeyes' share, equal to a 27% premium over Popeyes' 30-trading day volume weighted average price as of Feb. 10, the last trading day before media talk of a potential sale. The deal is expected to close by early April.
Popeyes shares were halted premarket. Restaurant Brands was up 2.2%, but have gained 65% in the last 12 months, while the S&P 500 SPX 0.17% has gained 22%.
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