Darden Restaurants Completes Acquisition of Chuy's Holdings, Inc.
Darden Restaurants (NYSE:DRI) has completed the acquisition of Chuy's Holdings in an all-cash transaction valued at approximately $605 million.
The acquisition was approved by a majority of Chuy's Holdings' stockholders on October 10, 2024, following the merger agreement announced on July 17, 2024. Darden financed the acquisition with proceeds from a $400 million offering of 4.350% senior notes due 2027 and a $350 million offering of 4.550% senior notes due 2029, issued on October 3, 2024.
Chuy's, founded in 1982 in Austin, Texas, operates over 100 restaurants across 15 states, offering authentic Tex-Mex inspired dishes in a unique atmosphere. With this acquisition, Chuy's joins Darden's diverse portfolio of brands, including Olive Garden and LongHorn Steakhouse.
As a result of the merger, Chuy's Holdings' common stock has ceased trading on Nasdaq.
Darden Restaurants (NYSE:DRI) ha completato l'acquisizione di Chuy's Holdings in una transazione interamente in contante del valore di circa 605 milioni di dollari.
L'acquisizione è stata approvata dalla maggioranza degli azionisti di Chuy's Holdings il 10 ottobre 2024, in seguito all'accordo di fusione annunciato il 17 luglio 2024. Darden ha finanziato l'acquisizione con i proventi di un'offerta di note senior a 4,350% da 400 milioni di dollari che scadono nel 2027 e un'offerta di note senior a 4,550% da 350 milioni di dollari che scadono nel 2029, emesse il 3 ottobre 2024.
Chuy's, fondata nel 1982 ad Austin, Texas, gestisce oltre 100 ristoranti in 15 stati, offrendo piatti ispirati alla cucina Tex-Mex in un'atmosfera unica. Con questa acquisizione, Chuy's entra a far parte del variegato portafoglio di marchi di Darden, che include Olive Garden e LongHorn Steakhouse.
Come risultato della fusione, le azioni ordinarie di Chuy's Holdings hanno smesso di essere scambiate su Nasdaq.
Darden Restaurants (NYSE:DRI) ha completado la adquisición de Chuy's Holdings en una transacción totalmente en efectivo valorada en aproximadamente 605 millones de dólares.
La adquisición fue aprobada por la mayoría de los accionistas de Chuy's Holdings el 10 de octubre de 2024, tras el acuerdo de fusión anunciado el 17 de julio de 2024. Darden financió la adquisición con los ingresos de una oferta de notas senior al 4.350% por 400 millones de dólares, con vencimiento en 2027, y una oferta de notas senior al 4.550% por 350 millones de dólares, con vencimiento en 2029, emitidas el 3 de octubre de 2024.
Chuy's, fundada en 1982 en Austin, Texas, opera más de 100 restaurantes en 15 estados, ofreciendo platos auténticos inspirados en Tex-Mex en un ambiente único. Con esta adquisición, Chuy's se une al variado portafolio de marcas de Darden, que incluye Olive Garden y LongHorn Steakhouse.
Como resultado de la fusión, las acciones ordinarias de Chuy's Holdings han dejado de cotizar en Nasdaq.
다든 레스토랑 (NYSE:DRI)은 추이’s 홀딩스를 약 6억 500만 달러에 달하는 현금 거래로 인수했다고 발표했습니다.
이 인수는 2024년 10월 10일, 추이’s 홀딩스 주주들의 과반수 승인을 받았고, 이는 2024년 7월 17일 발표된 합병 계약에 따른 것입니다. 다든은 2024년 10월 3일에 발행된 2027년 만기 4.350%의 4억 달러 노트와 2029년 만기 4.550%의 3억 5천만 달러 노트를 통해 인수 자금을 조달했습니다.
1982년 텍사스 오스틴에서 설립된 추이’s는 15개 주에서 100개 이상의 레스토랑을 운영하며, 독특한 분위기 속에서 정통 텍스-멕스 요리를 제공합니다. 이번 인수로 인해 추이’s는 올리브 가든과 롱혼 스테이크하우스를 포함한 다든의 다양한 브랜드 포트폴리오에 합류하게 되었습니다.
합병 결과 추이’s 홀딩스의 보통주는 나스닥에서 거래가 중지되었습니다.
Darden Restaurants (NYSE:DRI) a finalisé l'acquisition de Chuy's Holdings dans le cadre d'une transaction entièrement en espèces d'une valeur d'environ 605 millions de dollars.
L'acquisition a été approuvée par une majorité des actionnaires de Chuy's Holdings le 10 octobre 2024, suite à l'accord de fusion annoncé le 17 juillet 2024. Darden a financé l'acquisition grâce aux produits d'une émission de 400 millions de dollars de billets senior à 4,350% arrivant à échéance en 2027 et d'une émission de 350 millions de dollars de billets senior à 4,550% arrivant à échéance en 2029, émis le 3 octobre 2024.
Chuy's, fondée en 1982 à Austin, Texas, exploite plus de 100 restaurants dans 15 États, offrant des plats authentiques inspirés de la cuisine Tex-Mex dans une atmosphère unique. Avec cette acquisition, Chuy's rejoint le portefeuille diversifié de marques de Darden, qui comprend Olive Garden et LongHorn Steakhouse.
En conséquence de la fusion, les actions ordinaires de Chuy's Holdings ont cessé d'être négociées sur le Nasdaq.
Darden Restaurants (NYSE:DRI) hat die Übernahme von Chuy's Holdings in einer voll in bar erfolgten Transaktion im Wert von etwa 605 Millionen US-Dollar abgeschlossen.
Die Übernahme wurde am 10. Oktober 2024 von der Mehrheit der Aktionäre von Chuy's Holdings genehmigt, nachdem am 17. Juli 2024 die Fusionsvereinbarung bekannt gegeben wurde. Darden finanzierte die Übernahme mit den Einnahmen aus einem Angebot von 400 Millionen US-Dollar an 4,350%-Senior-Anleihen mit Fälligkeit 2027 sowie einem Angebot von 350 Millionen US-Dollar an 4,550%-Senior-Anleihen mit Fälligkeit 2029, die am 3. Oktober 2024 begeben wurden.
Chuy's, 1982 in Austin, Texas, gegründet, betreibt über 100 Restaurants in 15 Bundesstaaten und bietet authentische von Tex-Mex inspirierte Gerichte in einer einzigartigen Atmosphäre an. Mit dieser Übernahme tritt Chuy's Dardens vielfältigem Markenportfolio bei, zu dem auch Olive Garden und LongHorn Steakhouse gehören.
Infolge der Fusion hat der Handel mit den Stammaktien von Chuy's Holdings an der Nasdaq eingestellt.
- Darden Restaurants completed the acquisition of Chuy's Holdings for $605 million.
- Chuy's adds over 100 restaurants to Darden's portfolio, expanding its market presence.
- The acquisition was financed by $750 million in senior notes, demonstrating strong financial backing.
- Chuy's Holdings' common stock ceased trading on Nasdaq, affecting current shareholders.
Insights
Darden's acquisition of Chuy's Holdings for
Key points to consider:
- Darden gains over 100 restaurants across 15 states, enhancing its geographic footprint
- The deal adds a unique, made-from-scratch Tex-Mex concept to Darden's diverse brand portfolio
- Financing through bonds suggests a balanced approach to capital structure
- Potential for synergies in supply chain and operations could drive cost efficiencies
- Integration challenges and maintaining Chuy's unique culture will be important for success
Investors should monitor how quickly Darden can leverage its scale to improve Chuy's profitability while preserving its brand identity. The acquisition's impact on Darden's overall financial performance and growth trajectory will be key metrics to watch in upcoming quarters.
This acquisition marks a strategic expansion for Darden into the fast-growing Tex-Mex casual dining segment. Chuy's unique positioning as an "unchained" chain with authentic, made-from-scratch offerings aligns well with current consumer trends favoring authentic and experiential dining. The deal could yield several benefits:
- Cross-pollination of best practices across Darden's portfolio
- Enhanced appeal to younger demographics attracted to Chuy's brand personality
- Potential for accelerated growth of Chuy's concept leveraging Darden's resources
- Diversification of Darden's revenue streams, reducing reliance on its core brands
However, challenges lie ahead in maintaining Chuy's distinct culture and local feel within a larger corporate structure. The success of this acquisition will depend on Darden's ability to scale Chuy's while preserving its unique value proposition. Investors should watch for indicators of successful integration and any changes in Chuy's performance metrics post-acquisition.
Darden financed the acquisition with a portion of the proceeds of a
With the acquisition now complete, Chuy's joins Darden's portfolio of differentiated brands which also includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze.
Founded in
In connection with the completion of the merger, Chuy's Holdings common stock ceased trading on Nasdaq.
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, Eddie V's and Bahama Breeze. For more information, please visit www.darden.com.
CONTACT: Rich Jeffers, rjeffers@darden.com
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SOURCE Darden Restaurants, Inc.: Financial
FAQ
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