Darden Restaurants Acquires Chuy Tex-Mex for $605 Million

The parent company of Olive Garden expands its portfolio with the purchase of the Austin-based chain, adding 101 locations across 15 states.

Darden will pay $37.50 per share in an all-cash transaction, a 48.4% premium over Chuy's last closing price.
Chuy's has experienced declining profits and revenue, with same-store sales down 5.2% in the last quarter.
The acquisition is expected to close in Darden's fiscal second quarter, pending shareholder approval.
Chuy's will join Darden's diverse portfolio, which includes LongHorn Steakhouse, Ruth's Chris Steak House, and Bahama Breeze.
Darden CEO Rick Cardenas highlights Chuy's strong growth potential and differentiated brand within the full-service dining industry.