Burger King Buys Popeyes for $1.8 Billion

Restaurant Brands, the company behind Burger King, is buying Popeyes Louisiana Kitchen for $1.8 billion. Reuters reports Popeyes shareholders will get $79 for each share -- a 19.5 percent premium to Friday's closing stock price.

CNN Money reports word of the deal came up last week, but there was speculation Restaurant brands was considering buying El Pollo Loco. Business Insider reports CEO Daniel Schwartz said in a statement that, "Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world...With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and international prospects for growth."