Del Taco is officially part of the Jack in the Box Inc. family.

San Diego-based Jack in the Box Inc. announced on Tuesday that it has reached the previously announced agreement to acquire Del Taco Restaurants Inc. for approximately $585 million, a move that brought together like-minded quick service brands to accelerate growth.

“Today marks an important milestone in our company’s history as we officially welcome Del Taco to the Jack in the Box family,” Jack in the Box CEO Darin Harris said in a statement. “We have ambitious growth plans for our combined company, and we’re excited for the many exciting opportunities ahead. Together, Jack in the Box and Del Taco will benefit from a stronger financial model, greater scale to invest in digital and technological capabilities, and unitary growth for both brands.

After announcing its fourth quarter results last month, Harris said the company was working with Del Taco on a thoughtful integration plan to bring the businesses together. Part of that plan could include refranchising, which Harris described as “a tool to evaluate that could be a meaningful addition to our strategic plan.”

John Cappasola Jr., President and CEO of Del Taco, said in a statement, “We are extremely proud to partner with the Jack in the Box brand and are thrilled to have found a partner who shares a culture and a similar passion for what we do. We expect this transaction to significantly strengthen and grow our beloved brands. »

Under the terms of the agreement and merger plan, Del Taco shareholders will receive $12.51 per share in cash, and Del Taco common stock will cease trading beginning Tuesday on the Nasdaq and be delisted. .

With approximately 600 units in 16 states, Del Taco joins the Jack in the Box system, which includes more than 2,200 restaurants in 21 states and Guam.

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