Feb. 21 (UPI) -- The parent company of Burger King restaurants and Tim Hortons coffee shops announced its acquisition of Popeyes Louisiana Kitchen Inc. on Tuesday.
Restaurant Brands International Inc., headquartered in Oakville, Ontario, said it will acquire Popeyes, an Atlanta-based company with a menu of Southern-inspired cuisine featuring chicken and seafood. RBI will buy Popeyes for $1.8 billion in cash, or $79 per share. Popeyes has 2,600 restaurants in the United States and in 25 other countries, and will join RBI's existing 20,000 restaurants in 100 countries.
The deal comes after Popeyes' slow sales growth after several years of expansion. Shares in Popeyes increased by 19 percent in Tuesday's pre-market trading to $78.69. RBI's per-share purchase price is a 27 percent increase of the 30-day average of the Popeyes stock price.
The transaction is expected to close by April.