Popeyes Louisiana Kitchen (PLKI) could start cooking with Burger King and Tim Hortons soon if a reported deal by its parent, Restaurant Brands International (QSR) - Get Restaurant Brands International Inc Report, goes through. Reuters reported the impending deal on Monday, adding that it could be announced later this week.
The deal could value Popeyes, known for its deep-fried chicken, fries and buttermilk biscuits, at more than $1.7 billion, Reuters said, citing people familiar with the deal.
The Oakville, Ontario-based Restaurant Brands is aiming to expand its business with Popeyes to its customers around the world. Restaurant Brands has $23 billion in system sales and over 19,000 restaurants in nearly 100 countries and U.S. territories, according to its website.
The Atlanta-based Popeyes was founded in 1992 as AFC Enterprises, and in 2014 changed its name to Popeyes Louisiana Kitchen. As of December 25, 2016, Popeyes had 2,688 operating restaurants in the United States, three territories and 25 foreign countries, according to a company filing.
Neither Popeyes nor Restaurant Brands responded immediately to a request for comment.
Restaurant Brands shareholder 3G Capital has been in the news recently, as it lost its $143 billion bid to merge its biggest holding, food company Kraft Heinz Co., (KHC) - Get Kraft Heinz Company (KHC) Report with consumer products concern Unilever Plc (UL) - Get Unilever PLC Sponsored ADR Report.