Hunton Andrews Kurth Advises Darden Restaurants in $715 Million Purchase of Ruth’s Hospitality Group

Hunton Andrews Kurth LLP advised Darden Restaurants, Inc. in the acquisition of Ruth’s Hospitality Group, Inc., owner of the Ruth's Chris Steak House brand, in a transaction valued at $715 million. 

The two-step transaction began with a tender offer for all of the outstanding common stock of Ruth’s for $21.50 per share in cash, followed by a second-step merger completed under Section 251(h) of the Delaware General Corporation Law without the need for a stockholder vote. The transaction was financed with Darden’s cash on hand and the proceeds of a new senior unsecured $600 million 3-year term loan facility.

Darden is the world’s largest full-service restaurant company. Darden owns and operates more than 1,900 restaurants, employing over 180,000 team members, serving more than 400 million guests annually and generating over $10 billion of annual sales.

The Hunton Andrews Kurth M&A team advising Darden was led by partner Gary Thompson,  and included M&A practice co-head Steve Haas, counsel Charlie Brewer and associates Jordan Sisco and Marissa Rogers. The team also included capital markets partners Mayme Donohue and Susan Failla, and associate Alice Yao; employee benefits partners Jessica Agostinho and Ryan Glasgow, and associate Jordan Latham; and antitrust and competition partner Kevin Hahm and associate Bennett Sooy.

Our M&A Team has handled over 1,000 transactions worth approximately $250 billion in the past five years. With experience managing transactions ranging from acquisitions of private equity-backed companies, to leading a $30 billion merger-of-equals to create the nation’s largest regulated utility, our team has the knowledge to assist our clients with their M&A needs. Our record has led to our recognition as a leading Corporate/M&A practice by Chambers USA, The Legal 500 and U.S. News Best Law Firms, among others.