Olive Garden owner Darden Restaurants is acquiring Ruth’s Chris Steak House restaurant chain in an all cash-deal worth $715 million.
Darden announced Wednesday that it entered into a merger agreement with Ruth’s Hospitality Group Inc., which owns Ruth’s Chris Steak House, and will acquire all outstanding shares of the company for $21.50 per share.
Darden’s portfolio already includes Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.