TGI Fridays has entered an agreement to be acquired by UK-based hospitality business Hostmore, a deal that will put the American restaurant chain on the London Stock Exchange.
The acquisition will be carried out in an all-share transaction valued at $220 million, Chain Store Age reported.
The two companies will then form a new entity named TGI Fridays PLC, which will be listed on the London Stock Exchange as “TGIF”. The new firm will have nearly 600 restaurants across 44 countries, including 189 corporate-owned restaurants in the US and the UK.
The headquarters of the US and global operations will remain in Dallas, while Weldon Spangler, who has been CEO of TGI Fridays since October, will continue to lead the company.
TGI Fridays said the deal is part of its transformation strategy which aims to create a combined global hospitality company for continued long-term growth.
The transaction is expected to close in the third quarter of this year.
TGI Fridays is currently owned by private equity firm TriArtisan Capital Advisors. The restaurant chain reported total systemwide sales of $1.4 billion in FY23, with the UK being its largest international market.
