Darden Restaurants said Wednesday it is buying the Tex-Mex chain Chuy’s as it seeks to expand its dining options.
Darden, the parent company of Olive Garden, LongHorn Steakhouse, Yard House and other chains, said it will spend approximately $605 million on the deal. Darden will acquire all outstanding shares of Chuy’s for $37.50 per share. Those shares closed at $25.27 apiece on Wednesday.
Chuy’s Holdings Inc. was founded in Austin, Texas, in 1982. It now operates 101 restaurants in 15 states and has 7,400 employees.
Darden, based in Orlando, Florida, operates more than 1,900 restaurants and has 190,000 employees.
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