Deals
Fogo de Chao to Be Sold to Rhone for $560 Million in Cash
- Private-equity firm to pay $15.75 a share for steakhouse chain
- Company seeks capital to fund international expansion plans
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Brazilian steakhouse chain Fogo de Chao Inc., in search of funding for international expansion, agreed to sell itself to private equity firm Rhone Capital for $560 million.
The price of $15.75 a share, to be paid in cash, represents a 25 percent premium over the restaurant company’s closing price on Feb. 16. The deal, expected to close in the second quarter, was unanimously approved by the board of Dallas-based Fogo de Chao, the companies said Tuesday.