Fast-food burger chain Jack in the Box is buying Mexican fast-food chain Del Taco.
Advertisment
Story continues below
Jack in the Box will pay a premium of $12.51 per share in cash to acquire the brand. The total value of the deal is about $575 million, including existing debt.
“We are thrilled to welcome Del Taco, a beloved brand and proven regional winner, to the Jack in the Box family,” said Darin Harris, CEO of Jack in the Box. “Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands.”
Founded in 1964, Del Taco serves more than three million fans each week at its approximately 600 restaurants across 16 states. Together, Jack in the Box and Del Taco will have more than 2,800 restaurants spanning 25 states with similar fan profiles, menu offerings and company cultures.
Image – Chew Boom Mashup