Darden Restaurants to Acquire Chuy’s for $605 Million

18 Jul, 2024

Darden Restaurants to Acquire Chuy’s for $605 Million

Darden Restaurants has announced its acquisition of Chuy’s Holdings for approximately $605 million in cash. Darden will purchase all outstanding shares of Chuy’s at $37.50 per share. The acquisition will add the Tex-Mex restaurant chain to Darden’s portfolio, which includes Olive Garden, LongHorn Steakhouse, and Ruth’s Chris Steak House. Darden CEO Rick Cardenas expressed enthusiasm for the acquisition, highlighting Chuy’s strong performance and growth potential. Chuy’s, founded in Austin, Texas, in 1982, operates 101 restaurants across 15 states and generated over $450 million in revenue in the past year. The transaction is expected to be completed in Darden’s fiscal second quarter.

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