SAN DIEGO (KNX) — Jack in the Box, Inc., has agreed to buy Del Taco Restaurants, Inc. in a merger marrying two popular California fast-food chains.
Jack in the Box, which specializes in burgers and related fare, will pay $12.51 a share in cash for Del Taco, the second-largest Mexican-cuisine fast-food chain in the United States, according to Bloomberg.
The total transaction was valued at $575 million, according to a statement released by both companies on Monday.
“This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities,” Darin Harris, Jack in the Box’s CEO, said in the statement.
The merger is expected to close in the first quarter of 2022.
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