The Louisiana-themed chicken chain will be the multi-concept operator’s third QSR chain

In a deal valued at $1.8 billion, Restaurant Brands International has reached an agreement to acquire Popeyes Louisiana Kitchen Inc. RBI also owns Burger King and Tim Hortons.

Following the closing of the transaction, Popeyes will continue to be managed independently in the U.S., per a release announcing the deal.

Under the terms of the transaction, Popeyes' shareholders will receive $79.00 in cash per share at closing. The deal is subject to traditional closing conditions and is expected to be complete by early April.

Founded in New Orleans in 1972, Popeyes has 2,600 restaurants systemwide, including locations in the U.S. and in 25 other countries.