IT'S A DEAL: Popeye's Sold For $1.8 Billion In Cash

The company that owns Burger King and Canadian food chains Tim Hortons and Bake Shop now have a fried chicken powerhouse in their portfolio. In a deal that cost an estimated $1.8 Billion in cash. Restaurant Brands International paid a premium to shareholders; paying $79 per share.

Popeyes was founded in New Orleans in 1972. An Atlanta-based company, AFC Enterprises, acquired the chain in 1992.

(The Associated Press contributed to this report.)