CAVA Group to Acquire Zoës Kitchen for $300 Million

Plano, Texas — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million.

The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

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