TGI Fridays' largest global franchisee, Hostmore plc, has agreed to acquire the iconic casual dining chain in an all-stock transaction. The deal is expected to close in the third quarter of 2024 and will provide TGI Fridays with “operational and financial flexibility, increased scale and capital,” the release notes.

TGI Fridays reported revenues of $1.4 billion in 2024. The company will do business under the name TGI Fridays plc and will be listed on the London Stock Exchange.

Both US and global operations of the brand will remain in place at TGI Friday’s Dallas headquarters under the leadership of current CEO Weldon Spangler. The combined entity will have 189 corporate-owned restaurants in the United States and the United Kingdom. Systemwide the company will have nearly 600 restaurants across 44 countries.

“We have been laser-focused on revitalizing the brand and driving growth through consumer-centric offerings, the optimization of our restaurant portfolio, and the addition of senior team members. This transaction represents the next step in our journey as it increases our corporate-owned restaurant locations and provides capital to expand our presence globally,” Spangler said in a statement. “Hostmore is the perfect partner to help us achieve our vision, as they understand the importance of bringing 'That Fridays Feeling' to Guests in the brand's largest international market, operating 89 locations in the UK.”