SAN DIEGO — Jack in the Box Inc. completed its acquisition of Del Taco Restaurants, Inc. for approximately $585 million. The transaction was first announced in December.
Under terms of the agreement and plan of merger, Del Taco stockholders will receive $12.51 per share in cash, and Del Taco’s common stock will cease trading as of March 8 on the Nasdaq and will be delisted.
The deal positions Jack in the Box and Del Taco as stronger players in the quick-service space, said Darin Harris, chief executive officer of Jack in the Box. The companies have similar guest profiles and menu offerings, with a shared focus on unique variety and value propositions.“We have ambitious growth plans for our combined company, and we are excited for the many exciting opportunities ahead,” Mr. Harris said. “Together, 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.”