Darden Restaurants buys Tex-Mex chain Chuy’s for $605 million

AP Business Writer

The parent company of Olive Garden, LongHorn Steakhouse, Yard House and other chains says it’s buying the Tex-Mex chain Chuy’s as it seeks to expand its dining options. Darden Restaurants said Wednesday that it will spend approximately $605 million on the deal. Darden will acquire all outstanding shares of Chuy’s for $37.50 per share. Chuy’s Holdings Inc. was founded in Austin, Texas, in 1982. It now operates 101 restaurants in 15 states and has 7,400 employees. Darden, based in Orlando, Florida, operates more than 1,900 restaurants and has 190,000 employees. The deal comes as both restaurant companies have been struggling with a downturn in customer traffic due to consumer concerns about inflation.