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Popeyes is soaring on news it's being acquired by the owner of Burger King

Tina Wadhwa

Popeyes is up 19.16%, or $12.67, at $78.79 a share on Tuesday morning amid news that Restaurant Brands International is buying it for $1.8 billion. Restaurant Brands is the company that owns both Burger King and Tim Horton.

The company will fund the transaction with cash on hand and financing from J.P. Morgan and Wells Fargo.

The transaction is expected to close by early April 2017.

Popeyes
Popeyes

(Markets Insider)

See Also: The owner of Burger King is buying Popeyes for $1.8 billion

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