Spartanburg, S.C. and New York — Spartanburg, South Carolina-based Denny’s Corp., owner and operator of Denny’s Inc. and Keke’s Inc., has entered into a definitive agreement to be acquired by a group consisting of TriArtisan Capital Advisors LLC, Treville Capital Group and Yadav Enterprises Inc., in an all-cash transaction for $620 million. Upon completion of the transaction, Denny’s will become a privately held company and will no longer be listed on the Nasdaq. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.
Under the terms of the agreement, which was unanimously approved by the Denny’s board of directors, Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock they own.
Truist Securities is serving as financial advisor to Denny’s Corp., while Morgan, Lewis & Bockius LLP, Sidley Austin LLP and Caiola & Rose LLC are serving as its legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Denny’s Corp.
Global Leisure Partners LLP is serving as financial advisor to TriArtisan, and Ropes & Gray LLP is serving as its legal counsel. Choate, Hall & Stewart LLP is serving as Treville’s legal counsel.
Denny’s Corp. is one of America’s largest full-service restaurant brands based on number of restaurants. As of June 2025, the company consisted of 1,558 restaurants, 1,474 of which were franchised and licensed restaurants and 84 of which were company operated.