OAKVILLE, Ont. – The parent company of Tim Hortons and Burger King says it will pay US$1.8 billion cash to buy the Popeyes chain of chicken restaurants in a friendly deal.
Restaurant Brands International is offering US$79 per share of Popeyes, best known for its Louisiana-style fried chicken.
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READ MORE: Tim Hortons plans coffee shops in England, Scotland, Wales amid global expansion push
The proposed takeover requires various approvals and sufficient shareholder support but Restaurant Brands International expects the deal to close by early April.
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Restaurant Brands International has more than 20,000 restaurants in more than 100 countries.
Popeyes would add 2,600 restaurants in the United States and other countries including Canada.
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