Restaurant Brands to buy Popeyes Louisiana Kitchen for $1.8bn

Restaurant Brands International announced it would buy Popeyes Louisiana Kitchen for $1.8bn in cash.

The operator of Burger King and Tim Hortons said it would fork out $79.0 for each Popeye's share, for a 27.0% premium over Popeyes' 30-trading day volume weighted average price as of 10 February.

That was the last day before reports of a possible transaction first surfaced in media.

Deal close was expected by early April.

As of 1734 GMT stock in Popeyes was higher by 19.12% to $78.77 and that in Restaurant Brands up by 6.90% to $75.90.