ORLANDO,
Fla., Oct. 11, 2024 /PRNewswire/ -- Darden
Restaurants, Inc. ("Darden") (NYSE:DRI) today announced that it has
completed the acquisition of Chuy's Holdings, Inc. ("Chuy's
Holdings") in an all-cash transaction with an enterprise value of
approximately $605 million. The
transaction was approved by a majority of Chuy's Holdings
stockholders on October 10, 2024.
This follows the merger agreement that was announced on
July 17, 2024.
Darden financed the acquisition with a portion of the proceeds
of a $400 million offering of 4.350%
senior notes due 2027 and a $350
million offering of 4.550% senior notes due 2029, which were
issued on October 3, 2024.
With the acquisition now complete, Chuy's joins Darden's
portfolio of differentiated brands which also includes Olive
Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House,
Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie
V's and Bahama Breeze.
Founded in Austin, Texas in
1982, Chuy's operates more than 100 restaurants across 15 states
serving a distinct menu of authentic, made from scratch Tex-Mex
inspired dishes. Chuy's highly flavorful and freshly prepared fare
is served in a fun, eclectic and irreverent atmosphere, while each
location offers a unique, "unchained" look and feel, as expressed
by Chuy's motto "If you've seen one Chuy's, you've seen one
Chuy's!"
In connection with the completion of the merger, Chuy's Holdings
common stock ceased trading on Nasdaq.
About Darden
Darden is a restaurant company featuring
a portfolio of differentiated brands that include Olive Garden,
LongHorn Steakhouse, Yard House, Ruth's Chris Steak House,
Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52,
Eddie V's and Bahama Breeze. For
more information, please visit www.darden.com.
CONTACT: Rich Jeffers,
rjeffers@darden.com
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SOURCE Darden Restaurants, Inc.: Financial