The news of Popeyes being bought by Burger King has everyone talking on Twitter. However, we’re just wondering one thing: will their recipe be ruined by the burger joint?
For Burger King to drop this amount on Popeyes, it means that they’re doing quite well for themselves. Burger King owner Restaurant Brands International, announced that they will be acquiring Popeyes at $79 per share which comes out to a whopping $1.8 billion. Here’s a piece of the press release:
OAKVILLE, ON and ATLANTA, GA, Feb. 21, 2017 /PRNewswire/ – Restaurant Brands International Inc. (“RBI”) (NYSE/TSX: QSR, TSX: QSP) and Popeyes Louisiana Kitchen, Inc. (“Popeyes”) (NASDAQ: PLKI) announced today that the companies have reached an agreement for RBI to acquire Popeyes for $79.00 per share in cash, or $1.8 billion.
The acquisition of Popeyes will add a successful, highly-regarded brand with strong customer loyalty to RBI, one of the largest global quick service restaurant companies with two of the world’s most iconic QSR brands – BURGER KING® and TIM HORTONS®.
Founded in New Orleans in 1972, Popeyes has 45 years of history and culinary tradition and is the franchisor and operator of Popeyes® restaurants. Today Popeyes is one of the world’s largest quick service restaurant chicken concepts with over 2,600 restaurants in the U.S. and 25 other countries around the world and its global footprint will complement RBI’s existing portfolio of over 20,000 restaurants in more than 100 countries and U.S. territories.
Following the closing of the transaction, Popeyes will continue to be managed independently in the U.S., while benefitting from the global scale and resources of RBI. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the U.S. and international markets in the years to come.
The deal is expected to be finalized by April of this year but we’re hoping that the moguls keep one thing in mind: leave Popeyes chicken alone. They’re expected to operate independently in the US but you never know if we’ll see Burger King influences in Popeyes in the future.