Darden Restaurants to purchase Chuy's for approximately $605 million.

• According to a press release, Darden agreed to purchase all outstanding shares of Chuy's for $37.50 per share.
• Darden adds the Tex-Mex restaurant chain to its portfolio, which already includes Olive Garden, LongHorn Steakhouse, and Ruth's Chris Steak House.

The companies jointly announced on Wednesday that they will acquire approximately $605 million in cash.

Darden has acquired all outstanding shares of Chuy's at $37.50 per share, as per a press release. The Tex-Mex restaurant chain has now joined Darden's portfolio, which includes other renowned restaurants such as Olive Garden, LongHorn Steakhouse, and Ruth's Chris Steak House.

"Darden CEO Rick Cardenas stated that Chuy's is an excellent fit for the Darden portfolio based on the criteria for adding a brand. He expressed excitement about welcoming their 7,400 team members and diversifying the Darden portfolio into a new dining category."

Over $450 million in revenues were generated by Chuy's in its most recent fiscal year, which ended on March 31, as stated in the company's release. Chuy's, founded in Austin, Texas in 1982, currently operates 101 restaurants across 15 states.

Chuy's CEO Steven Hislop stated in a press release that Darden has strong performance and growth potential. "Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities," he said.

According to the release, Darden anticipates the transaction to be finished in their fiscal second quarter.