December 6, 2021, 10:48am.
Jack in the Box, a fast food chain, will acquire Del Taco, another West Coast chain, in a deal valued at $575 million.
Jack in the Box is a regional fast food restaurant in the Silicon Valley.
The images are from the same company.
Jack in the Box officials said on a public call with shareholders on Monday that the acquisition will help the companies expand, and that they expect to see 15 million in benefits by the end of the year.
Jack in the Box will pay $12.51 in cash for each Del taco share, far more than the price Del taco stock was worth on Friday.
The stock of Del taco jumped by over sixty percent to $12.41 per share on Monday.
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Jack in the Box said that shareholders of the Mexican fast food company will vote on the acquisition in February or March, with the deal likely to be finalized during the first quarter of next year.
The key background.
Jack in the Box has more than 2,200 restaurants in 21 states and a location in Guam. The company made over $1 billion in revenue in the fiscal year that ended in October. The second largest Mexican chain after taco Bell has 600 restaurants in 16 states and reported a revenue of $521 million in the fiscal year that ended in June. The chains are concentrated on the West Coast.
Jack In The Box gained new customers during the Pandemic. Here is how. (Forbes)
