LongHorn Steakhouse owner finalizes Chuy's Holdings acquisition
Chuy's joins Darden Restaurants' portfolio of brands.
Courtesy of Darden Restaurants Inc.
Darden Restaurants Inc. has completed the acquisition of Chuy's Holdings Inc. in an all-cash transaction with an enterprise value of approximately $605 million. The transaction was approved by a majority of Chuy's Holdings stockholders on Oct. 10, 2024. This follows the merger agreement that was announced July 17, 2024.
Darden financed the acquisition with a portion of the proceeds of a $400 million offering of 4.350% senior notes due 2027 and a $350 million offering of 4.550% senior notes due 2029, which were issued Oct. 3, 2024.
With the acquisition complete, Chuy's joins Darden's portfolio of 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 Austin, Texas, in 1982, Chuy's operates more than 100 restaurants across 15 states serving a distinct menu of authentic, made-from-scratch Tex-Mex-inspired dishes.
In connection with the completion of the merger, Chuy's Holdings common stock ceased trading on Nasdaq.
Source: Darden Restaurants Inc.
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