Full service restaurant chain operator Darden Restaurants, Inc. ( DRI ) late Thursday announced a deal to buy fellow restaurant operator Yard House USA, Inc. for $585 million.
The all-cash deal is expected to close in Darden's fiscal second quarter.
Yard House currently operators 39 namesake restaurants in 13 states. The locations are notable for their extensive draft beer offerings, with between 130 and 250 different beers on tap at each restaurant.
DRI said the deal would hurt earnings by 3 to 5 cents per share in fiscal 2013. The acquisition will add to the company's sizable portfolio of Red Lobster, Olive Garden, and LongHorn Steakhouse restaurants.
Darden Restaurants shares were mostly flat in premarket trading Friday.
Darden Restaurants, Inc. ( DRI ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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