Yum Brands Inc. has kicked off the new year by announcing a major acquisition.
The Louisville-based restaurant conglomerate is purchasing The Habit Restaurants Inc. (Nasdaq: HABT) for $375 million, the company said in an announcement. Habit Restaurants operates The Habit Burger Grill, based in Irvine, Calif., has more than 270 restaurants with locations in 13 states, plus seven international locations.
According to its website, the burger chain has 10 locations around the Valley and two more in Tucson.
David Gibbs, Yum’s newly-appointed CEO, said Yum Brands (Nyse: YUM) has emerged from a three-year transformation stronger and in a better position to accelerate growth of the company’s existing brands — KFC, Pizza Hut and Taco Bell — and make strategic acquisitions.