Ruth's was purchased in an all-cash deal at $21.50 per share, which means Ruth's Chris Steak House will fall under Darden Restaurants, according to a report.Other fine-dining Darden locations include the Capital Grille and Eddie V's.
These locations, along with Darden's other fine-dining establishments, reported an 11.7% sales growth in the company's most recent quarter. Ruth's brings with it more than 150 locations that generated $505.9 million in revenue last year, and it marks Darden's first purchase in at least six years, according to the report.This purchase is significant because it signals the end of a drought plaguing restaurant deal-making, spurred on by rising interest rates, the report noted.
The deal for Ruth's is expected to close in June, and the total integration expenses are anticipated to cost upward of $60 million, according to the report.
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