Yum! Brands, the world’s largest restaurant company by units, has signed an agreement for the acquisition of Habit Restaurants and its brand The Habit Burger Grill.
Yum! Brands also owns global brands KFC, Pizza Hut and Taco Bell, among others, with more than 49,000 restaurants across the world.
The first Habit restaurant opened in 1969, and the company now has more than 270 units, seven of which are international. It offers made-to-order items chargrilled over an open flame.
The agreement says that Yum! Brands will acquire all issued and outstanding common shares of The Habit Burger Grill for $14 per share in cash, or an approximate total of $375m.
Yum! Brands CEO David Gibbs said: “As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum! family and has significant untapped growth potential in the U.S. and internationally.
“With its delicious burgers and fresh proteins chargrilled over an open flame, The Habit Burger Grill offers consumers a diverse, California-style menu with premium ingredients at a QSR-like value.
“The transaction is a win-win because it allows us to offer an exciting new investment to our franchisees and to expand an award-winning, trend-forward brand through the power of Yum!’s unmatched scale and strengths in franchising, purchasing and brand-building.”
In other news, last year Yum! Brands announced that its brand Pizza Hut would be testing delivery using an autonomous robot. Read more below: