Emily Tan
Feb 22, 2017

Burger King parent buys Popeyes for $1.8 billion

Chain has locations in Singapore, Japan, South Korea, Singapore, Hong Kong, Malaysia and Indonesia.

Burger King parent buys Popeyes for $1.8 billion

Restaurant Brands International (RBI) has agreed to buy fried chicken chain Popeyes Louisiana Kitchen for $1.8 billion.

RBI is the parent company of Burger King and Canadian chain, Tim Hortons.

Founded in New Orleans in 1972, Popeyes has 2,600 restaurants in the US and 25 other countries. In Asia, the chain's website lists 10 locations in Singapore, 11 in Japan, 20 in Vietnam, 117 in South Korea, and single outlets in airports in Hong Kong, Malaysia and Indonesia. The company owns around 30 restaurants, while the rest are franchised.

Once the deal is closed, Popeyes will continue to be managed independently in the US, while benefitting from RBI’s global reach and scale. RBI plans to develop the brand at an increasing pace in the US and international markets.

"Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world," said Daniel Schwartz, chief executive of RBI in a statement. "With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US. and international prospects for growth."

Under the terms of the transaction, Popeyes shareholders will receive $79 in cash per share at closing.

"RBI has observed our success and seen the opportunity for exceptional future unit growth in the US and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes’ shareholders," said Cheryl Bachelder, chief executive of Popeyes.

Popeyes’ current creative agency of record is Austin-based GSD&M.

Source:
Campaign UK

Related Articles

Just Published

2 hours ago

Mediabrands, R&CPMK launch tool to integrate brands ...

UpstreamPOP helps brands identify the next big TV show or feature film and helps them broker brand integration deals.

2 hours ago

Ogilvy PR ups Rahul Titus to new global role

Agency has promoted UK and EMEA head of influence to the new role of global head of influence.

2 hours ago

FleishmanHillard’s head of influence fuels outrage ...

TikTok creator Rob Mayhew posted a sketch on LinkedIn yesterday calling out the hypocrisy of agencies working with fossil fuel clients, which now has over 100,000 views.

2 hours ago

Indian athlete Dutee Chand and girlfriend wear ...

A campaign titled #WearYourPride was launched to encourage the LGBTQ+ community to stop running away from themselves and to celebrate equal rights for all genders.