Jack in the Box to buy Del Taco in $575M deal
BERKELEY, CALIFORNIA – MAY 12: In an aerial view, a sign is posted in front of a Jack in the Box restaurant on May 12, 2021 in Berkeley, California. (Photo by Justin Sullivan/Getty Images)
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(KRON) — Jack in the Box announced Monday it is set to acquire Mexican fast-food chain Del Taco in a $575 million deal.
The acquisition, which is expected to be finalized in early 2022, would bring the company to 2,800 restaurants spanning 25 states, according to a press release.
Del Taco Restaurants stock surged 66% after news of the merger went public, according to the Associated Press. Del Taco sells hamburgers and crinkle fries as well as Mexican dishes like burritos, tacos and nachos.
“Del Taco has a loyal, passionate guest base and a strong operating model, and we believe that we can leverage our infrastructure, experience in refranchising and development strategy to support Del Taco’s growth plans and expand Del Taco’s footprint,” said Jack in the Box CEO Darin Harris.
Jack in the Box is a hamburger chain based out of California, but its menu has an eclectic set of offerings. The chain also serves tacos, egg rolls and teriyaki bowls.
The company has previously bought and sold another Mexican chain, Qdoba.