The transaction will be financed by RBI's cash on hand along with financing from J.P. Morgan and Wells Fargo. As per the terms of the transaction, Popeyes shareholders will receive a cash payout of $79 per share.
Popeyes CEO Cheryl Bachelder said in the press release:
"Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world," Restaurant Brands International CEO Daniel Schwartz said. "With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.
"RBI has observed our success and seen the opportunity for exceptional future unit growth in the U.S. and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes shareholders."
Popeyes was founded in 1972, and today operates more than 2,600 restaurants throughout the U.S. and in 25 other countries.
These 2,600 locations will be added to RBI's current portfolio -- a portfolio that includes more than 20,000 restaurants in more than 100 countries and more than $24 billion in system sales.