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>> The Whopper looking to hook up with the Chicken Po'Boy. Reuters learning exclusively that Restaurant Brands International, owner of Burger King and Tim Hortons is .nearing a deal to acquire Popeye's Louisiana Chicken. The high calorie merger likely to have a price tag of just under $2 billion, bringing Popeye's Louisiana style fried everything to more diners globally.
Reuter's M&A reporter, Lauren Hirsch, who broke the story saying the deal is a bit of surprise given that Restaurant Brands has been eyeing bigger fish, or bigger chickens, by mulling a potential purchase of Yum Brands, owner of KFC.>> But the challenge with KFC is that it's already international, it's already expanded.
So if RBI's whole spiel, whole pitch, is to buy young brands and grow them you kind of don't have as much opportunity to do that with a company such as KFC, but you do have an opportunity to do that with Popeye's. So Popeye's actually makes a lot of sense.
If you think about what RBI wants to accomplish, round out its offerings, and then expand international.>> The deal also a bit of a consolation prize for Restaurant Brands largest shareholder, 3G Capital, which this week, lost its $143 billion bid to merge its biggest holding, food giant Kraft Heinz with Unilever.
The private equity firm run by Brazilian billionaire Georgia Paulo Lemmon and boasts Warren Buffet as a long term financial partner, known as the junk food junkie both in business and in life.>> Yeah, Buffet is very infamous for having a child-like taste in food. As we alluded to earlier, 3G's other big investment is Kraft-Heinz, and people always say that that really appeals to Buffett's taste.
I'm sure that there was more strategic rationale to this deal than Buffet likes the Popeye's chicken, but it's consistent with the Buffet's taste.>> Popeye's began 45 years ago with a single chicken joint in New Orleans. It has since expanded to 2000 restaurants, reaching the pinnacle of pop culture when Beyonce and Jay Z reportedly served buckets of its fried chicken alongside caviar at their 2008 wedding.