Restaurant Brands was created after Burger King, controlled by Brazilian investment firm 3G Capital, bought Tim Hortons in 2014.
Personally, I'm really hoping that I can one day order both my Burger King onion rings (no competition) (fight me) and my cajun fries (with a side of biscuits to boot because, dude, have you ever had a biscuit?) all in one place, but that's still probably a ways away.
Popeyes preferred Restaurant Brands' all-cash offer because Roark's bid was seen as having a higher execution risk, the people said. The price tag was a whopping $1.8 billion, the company announced Tuesday.
The deal values Popeyes at $79 a share, almost 20 percent higher than where the stock closed Friday.
Reports of a Popeyes takeover surfaced last week, although there was also speculation that Restaurant Brands was considering buying another fast food chicken chain, El Pollo Loco.
RBI issued a statement saying, "We will continue developing the brand at an increasing pace in the USA and foreign markets".
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Prior to the acquisition, RBI owned more than 20,000 fast food restaurants across the globe. Daniel Schwartz, the CEO added, "The key to long-term success at Popeyes will be a focus on guest satisfaction and franchise profitability. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the USA and 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 in a news release.
According to RBI, Popeyes will continue to be managed independently in the United States.
Now based in Atlanta, the 45-year-old chain was founded by entrepreneur Al Copeland in New Orleans.
Popeyes now owns over 2,600 locations, and around double of them are franchises. "The result is a transaction that delivers immediate and certain value to the Popeyes shareholders".