Darden Restaurants reach agreement to buy Chuy's for $605 million
Chuys. Famous local restaurant. August of 2013
Darden Restaurants reached an agreement to purchase popular Austin-based Tex-Mex chain Chuy's.
The all-cash transaction would add the 101 Chuy's restaurants to the Darden portfolio for $605 million.
The transaction has already been approved by the board of directors for both companies.
Darden is the company behind Olive Garden, Cheddar's Scratch Kitchen, LongHorn Steakhouse and other restaurants.
Chuy's was founded in Austin in 1982. Now, there are stores in 15 states, including several in North Texas.
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The sale is expected to be completed in Darden's fiscal second quarter.
Darden is expected to discuss the transaction during a conference call with its investors on Tursday morning.