Photo: Getty Images
The San Diego-based Jack in the Box is buying another major fast-food chain in a $575 million deal, reports KRON.
It's expected that Jack in the Box will acquire Del Taco after the deal is finalized in early 2022.
According to a press release on Monday, December 6, the two fast-food chains together will have 2,800 restaurants across 25 states.
“Del Taco has a loyal, passionate guest base and a strong operating model, and we believe that we can leverage our infrastructure, experience 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.
The Associated Press reported that Del Taco Restaurants stock increased 66% since news of the merger went public.
"Joining forces will provide additional resources to drive innovation to create more unique, innovative menu items and exceptional guest experiences," Harris told CNN. "This will allow Jack and Del Taco to better engage with their existing guests and reach new ones."
According to KRON, Jack in the Box has previously bought and sold another Mexican chain, Qdoba.