Yum Brands Inc. (NYSE: YUM) said Monday it will pay $375 million for Irvine-based The Habit Restaurants Inc. (Nasdaq: HABT).
Habit shares were up 33% on the news to $13.92 for a $363 million market cap.
The purchase price equates to $14 per share for the fast-casual operator of The Habit Burger Grill, which totals nearly 300 locations in the U.S. and China.
The Habit will join a restaurant portfolio operated by Louisville, Ky.-based Yum of more than 49,000 restaurants that includes Taco Bell of Irvine, KFC and Pizza Hut.
Habit President and CEO Russell Bendel is expected to stay on once the deal closes, which is expected in the second quarter.
