Darden to acquire Chuy's for $37.50/share all-cash; enterprise value ~$605M

DARDEN RESTAURANTS INC

Darden (DRI) will acquire Chuy's (CHUY) at $37.50/share, a 40% premium to 60-day VWAP.
Transaction enterprise value ~$605M; 10.3x implied multiple of LTM Transaction Adjusted EBITDA.
Expected to close in Darden's fiscal Q2 2025, subject to Chuy's stockholder vote and HSR clearance.
Darden expects pre-tax net synergies of ~$15M by end of fiscal 2026; neutral to FY2025 EPS, accretive $0.12-0.15 in FY2027.
Chuy's operates 101 restaurants in 15 states; LTM revenue over $450M as of March 31, 2024.

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