Quick-service brand Jack in the Box Inc. in San Diego has completed a $585 million deal to acquire Lake Forest-based Del Taco Restaurants Inc., previously announced in December 2021.
“Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands,” Jack in the Box CEO Darin Harris said.
President and CEO of Del Taco John D. Cappasola Jr. cited Jack in the Box as “a partner that shares a similar culture and passion for what we do.”
Del Taco stockholders will receive $12.51 per share in cash under the terms of the agreement and merger plan. The Mexican food chain will no longer be listed on the Nasdaq market under the TACO ticker.
Del Taco ranked No. 5 on the Business Journal’s list of top OC-based restaurant chains, with over 3,000 OC employees and 600 companywide locations as of May 2021. The restaurant group reported total revenue of $124 million for its third quarter ending September 2021, up 3% from the prior year.