Consumer

Olive Garden Owner Will Buy Chuy’s Restaurants for $605 Million

Darden Restaurants Inc. agreed to pay $37.50 a share in cash for Chuy’s, the companies said Wednesday in a statement. — Darden Restaurants Inc. agreed to pay $37.50 a share in cash for Chuy’s, the companies said Wednesday in a statement.
Photographer: Kristoffer Tripplaar/SIPA/AP

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By Catherine Larkin

July 17, 2024 at 8:21 PM UTC

This article is for subscribers only.

Darden Restaurants Inc., the parent company of Olive Garden and Ruth’s Chris Steak House, is buying Tex-Mex restaurant chain Chuy’s Holdings Inc. for about $605 million.

Darden agreed to pay $37.50 a share in cash for Chuy’s, the companies said Wednesday in a statement. That’s a 48% premium above the stock’s last closing price. The deal has been approved by both boards and is expected to be completed in Darden’s fiscal second quarter, which ends in November.