Jack in the Box Is Buying Del Taco

The deal is reportedly worth $575 million.

Jack in the Box will acquire Del Taco in a new deal that is aimed at helping the two West Coast-based companies expand. The deal, according to Del Taco’s acquisition summary, which was released Monday, is valued at $575 million.

In the summary, Jack in the Box outlined its purchase stating that both brands have, "scrappy, challenger mindsets and similar business models that will result in significant synergy potential."

In response to the acquisition news, Del Taco’s stock surged on Monday morning, jumping nearly 65% to $12.41 per share, according to Forbes. On Friday, the outlet reports that the taco joint was only valued at $7.53 price per share.

Jack in the Box is one of the biggest burger chains in the country, with more than 2,200 restaurants in 21 states, per Forbes, which writes that Del Taco is the second-largest taco chain after Taco Bell with 600 restaurants in 16 states.

The burger joint is also expecting to see $15 million in benefits as a result of the acquisition by the end of 2023, per the summary. Del Taco shareholders will be voting on the acquisition in February or March, with the deal likely to be finalized during the first quarter of next year, according to Jack in the Box.

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Janae Price is a News Staff Writer at Thrillist. She's a native New Yorker and loves all things cheese, K-pop, and culture. Follow her on Instagram and Twitter @janae_larie.