Restaurants Brands International (RBI), the parent company of Burger King and Tim Hortons, has agreed to acquire Popeyes Louisiana Kitchens for $79 per share in cash, or $1.8 billion. JPMorgan and Wells Fargo signed a commitment letter to provide financing for the purchase.

Founded in New Orleans in 1972, Popeyes has 45 years of history and culinary tradition and is the franchisor and operator of Popeyes restaurants. Today Popeyes has more than 2,600 restaurants in the U.S. and 25 other countries around the world and its global footprint will complement RBI’s existing portfolio of over 20,000 restaurants in more than 100 countries and U.S. territories.

Following the closing of the transaction, Popeyes will continue to be managed independently in the U.S., while benefiting from the global scale and resources of RBI. Building on the momentum of recent years, RBI plans to continue developing the brand at an increasing pace in the U.S. and international markets in the years to come.

Daniel Schwartz, CEO of RBI, said, “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.”

Cheryl Bachelder, CEO of Popeyes, said, “I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well. As Popeyes enters its 45th year, its success reflects the amazing brand entrusted to us by founder Al Copeland, Sr. and the unique high trust partnership that we enjoy with our franchise owners.”

RBI will finance the transaction with cash on hand and a financing commitment from JPMorgan and Wells Fargo.

RBI was advised by Paul, Weiss, Rifkind, Wharton and Garrison. Popeyes received financial advice from UBS and Genesis Capital and legal counsel from King & Spalding.