Post-closing, Popeyes will continue to be managed independently in the US while benefitting from the global scale and resources of RBI. RBI plans to continue developing the brand at an increasing pace in the US and international markets.

Founded in New Orleans 45 years ago, Popeyes was bought by what was then known as AFC Enterprises in 1992. The Atlanta-based AFC changed its corporate name to Popeyes Louisiana Kitchen Inc. in 2014.

RBI was advised by Paul, Weiss, Rifkind, Wharton and Garrison LLP. Popeyes received financial advice from UBS and Genesis Capital LLC and legal counsel from King & Spalding LLP.

OAKVILLE, ONT—Restaurant Brands International Inc., owner of the Burger King and Tim Hortons brands, said Tuesday it had acquired to acquire Popeyes Louisiana Kitchen for $79 per share, or $1.8 billion in cash. The deal is expected to close by early April; RBI will finance the acquisition with cash on hand and a financing commitment from J.P. Morgan and Wells Fargo.

The Popeyes name is represented in two franchises that encompass a combined 2,600 locations in the US and internationally: Popeyes Louisiana Kitchen and Popeyes Chicken & Biscuits. It will join a global RBI portfolio that encompasses over 20,000 quick service restaurants in more than 100 countries and US territories.

“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says RBI CEO Daniel Schwartz. “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,” he continues. “We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the US and around the world.”

Post-closing, Popeyes will continue to be managed independently in the US while benefitting from the global scale and resources of RBI. RBI plans to continue developing the brand at an increasing pace in the US and international markets.

Founded in New Orleans 45 years ago, Popeyes was bought by what was then known as AFC Enterprises in 1992. The Atlanta-based AFC changed its corporate name to Popeyes Louisiana Kitchen Inc. in 2014.

RBI was advised by Paul, Weiss, Rifkind, Wharton and Garrison LLP. Popeyes received financial advice from UBS and Genesis Capital LLC and legal counsel from King & Spalding LLP.