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US restaurant chain Darden agreed to buy Chuy's for $600m.

AInvestWednesday, Jul 17, 2024 8:50 pm ET
1min read
CHUY -- DRI --

Restaurant chain Darden Restaurants, Inc. announced that it would acquire Chuy's Holdings, Inc. for $605 million in cash.

In a statement, Darden agreed to buy all outstanding shares of Chuy's for $37.50 per share. The Tex-Mex chain, which has 101 restaurants in 15 states, will join Darden's portfolio of restaurants that include Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House.

According to a press release, Chuy's had more than $450 million in revenue in the last 12 months ending March 31. The company was founded in Austin, Texas, in 1982.

Darden said it expects the deal to close in its second quarter.

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