Yum Brands, the parent company of Pizza Hut, Taco Bell and KFC, announced that it will acquire The Habit Burger Grill for $375 million, or $14 a share in cash, according to a press release.

The Irvine, California-based Habit Burger, which has 300 company-owned and franchised locations in the U.S. and China, will remain in its current headquarters and continue to be operated under its current leadership.

"As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum! family and has significant untapped growth potential in the U.S. and internationally," Yum Brands CEO David Gibbs said in the release. 

He called the transaction a "win-win" as it allows YUM to offer a new investment to its franchisees and to also help grow the concept using its "scale and strengths in franchising, purchasing and brand-building."

Russell Bendel, president and CEO of The Habit Burger Grill, agreed saying that over the past few years, the chain has focused on becoming a total access brand by growing its delivery business, expanding online ordering and mobile channels and enhancing the in-store experience by introducing drive-thrus, kiosks and technology-centric solutions for operations.

"We're proud these and other actions have made The Habit Burger Grill an attractive candidate for a transaction of this kind," he said in the release. "On behalf of The Habit Burger Grill Board of Directors, this transaction represents an exciting new chapter to strengthen and significantly grow The Habit Burger Grill by leveraging Yum! Brands' global scale, resources and franchising capabilities. We're confident the agreement delivers immediate value to The Habit Burger Grill shareholders and will greatly benefit our beloved brand, team members, franchisees and loyal guests for many years to come."

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