Ruth's Chris Steak House has more than 150 locations worldwide and generated $505.9 million in revenue in 2022.
The deal values Ruth's at $21.50 per share in an all-cash transaction. The steakhouse has more than 150 locations worldwide and generated $505.9 million in revenue in 2022.
Ruth's will join Darden's fine-dining portfolio, which already includes The Capital Grille and Eddie V's. In Darden's most recent quarter, its fine-dining restaurants reported same-store sales growth of 11.7%. The segment's average weekly sales had more than doubled compared with pre-pandemic levels.
The agreement breaks a drought for restaurant deal-making. Rising interest rates have made acquisitions more expensive. Darden's acquisition of Ruth's precedes the steakhouse's first-quarter earnings report, which is expected to be released before the bell Friday. The company said Wednesday it is canceling the conference call scheduled for that morning.Darden expects that acquisition and integration expenses will cost the company between $55 million and $60 million.
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