In a deal valued at $715 million, multiconcept operator Darden Restaurants plans to acquire Ruth's Hospitality Group, parent company for Ruth’s Chris Steakhouse.

The all-cash transaction is expected to close in June.

Ruth’s Chris will become Darden’s third steak-oriented concept, with the others being LongHorn Steakhouse and The Capital Grille. Other restaurant chains in Darden’s portfolio includes Olive Garden, Yard House, Cheddar's Scratch Kitchen, Seasons 52, Bahama Breeze and Eddie V's.

Ruth's Chris was founded in 1965 in New Orleans, Louisiana, by Ruth Fertel and serves sizzling steaks on 500-degree F plates. Ruth's Chris has 154 locations around the globe, including 80 company-owned or -operated restaurants and 74 franchised restaurants, generating systemwide sales of more than $860 million, per a release announcing the deal.

Cheryl Henry is expected to remain in her role as president of Ruth’s Chris and continue to lead the chain upon completion of the transaction.