Restaurant Brands International Inc. said Tuesday it has agreed to acquire Popeyes Louisiana Kitchen Inc. 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 has gained 22%.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.