Popeyes sells for $1.8 billion to Burger King, Tim Hortons parent company
NEW ORLEANS (WGNO) – Popeyes Louisiana Kitchen will soon be under the same business umbrella as Burger King and Canadian favorite Tim Hortons.
Restaurant Brands International Inc will acquire Popeyes in a $1.8 billion cash deal, according to a press release.
The Ontario-based company, which already owns Burger King and Tim Hortons, will scoop up Popeyes stock at $79 per share.
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” RBI Chief Executive Officer Daniel Schwartz said. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. As Popeyes becomes part of the RBI family we believe we can deliver growth and opportunities for all of our stakeholders including our valued employees and franchisees. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world.”
Popeyes has been a local favorite for 45 years, spreading coast to coast and around the world to boast 2,600 locations in the United States and 25 countries around the world.
“I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well,” Popeyes Chief Executive Officer Cheryl Bachelder said. “As Popeyes enters its 45th year, its success reflects the amazing brand entrusted to us by founder Al Copeland, Sr. and the unique high trust partnership that we enjoy with our franchise owners. RBI has observed our success and seen the opportunity for exceptional future unit growth in the U.S. and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes shareholders.”