3G Capital and Berkshire Hathaway (BRK.A - Get Report) announced their second deal in less than a week, but the latest one is likely to end more happily than Kraft Heinz's (KHC - Get Report) withdrawn bid for Unilever (UN) . Their company, Restaurant Brands International (QSR - Get Report) , announced that it would acquire Popeyes Louisiana Kitchen (PLKI) for $1.8 billion.
Restaurant Brands will pay $79 a share, a 27% premium over Popeyes' 30-day volume weighted average price as of Feb. 10, the last day before reports surfaced that Restaurant Brands was mulling a bid.
Popeyes will join fellow fast food companies Burger King and Tim Hortons, which combined in a C$12.5 billion ($11.4 billion) merger orchestrated in 2014 by Burger King owner 3G. Its 2,600 locations in the United States and 25 other countries compare to Burger King's 15,000 locations in more 100 countries and Tim Horton's 4,600 locations in North America and the Middle East.
Restaurant Brands said in a statement that Popeyes will be managed independently in the United States "while benefitting from the global scale and resources of RBI," which "plans to continue developing the brand at an increasing pace in the U.S. and international markets in the years to come."
Popeyes shares jumped 16.1% to $76.76 in premarket trading Monday.
The deal is expected to close in April. Restaurant Brands will finance it with cash on hand and financing commitment from JPMorgan and Wells Fargo.