Burger King Just Bought Popeyes For A 'Whopping' $1.8 Billion

The owner of Burger King and Tim Hortons restaurants has purchased Popeyes Louisiana Kitchen, according to the company's website.

According to Reuters, the deal is a bet by the Canadian multinational fast food company that it can use its worldwide reach to introduce Popeyes' fried chicken and buttermilk biscuits to more customers across the globe. Popeyes's shares traded close to the Restaurant Brands' offer price, up 19 percent to $78.77, at 1:04 p.m.in NY.

The transaction for Popeyes further remakes Restaurant Brands after an $11 billion blockbuster deal joined burger chain Burger King with Canada's coffee-and-doughnut specialist Tim Hortons. Since then, the company has been striking deals with local operators to open additional locations around the world.

Presently, there are more than 20,000 Burger King stores around the world in about 15,000 locations.

The companies plan to close on the deal in April, and Restaurant Brands said Popeyes will be managed independently in the USA, "while benefitting from the global scale and resources of RBI". Popeyes began 45 years ago as a Southern-themed "Chicken on the Run" restaurant in a New Orleans suburb. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the USA and worldwide markets in the years to come.


Following the closing of the transaction, Popeyes will continue to be managed independently in the US, while benefitting from the global scale and resources of RBI.

If that trend continues, Popeyes could help make Restaurant Brands an even more formidable threat to top rivals McDonald's, Wendy's and KFC owner Yum! Daniel Schwartz, the CEO added, "The key to long-term success at Popeyes will be a focus on guest satisfaction and franchise profitability".

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.

I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well.

The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and receipt of a majority of Popeyes shares on a fully diluted basis in a tender offer to Popeyes' shareholders.

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