One national chain known for its standout steak and celebratory cocktails is now under new ownership.

Darden Restaurants will acquire Ruth’s Chris Steak House in a $715 million deal, according to a May 3 press release. In this “definitive merger agreement,” Darden will receive ownership of Ruth’s Chris for $215 per share, and the deal is expected to close in June.

Current CEO Cheryl Henry will stay on as president of the brand and work directly under Darden Restaurants president and CEO Rick Cardenas.

“Our strategy and operating philosophy aligns well with Darden, and we have a strong cultural fit that should ensure a smooth transition,” Henry says in the release. “This transaction will also provide more opportunities for our team members to develop in their careers as we continue to grow our 57-year-old iconic brand.”

Ruth’s Chris Steak House was founded in 1965 when founder Ruth Fertel started serving up sizzling steaks to diners at its flagship New Orleans location. It now joins the likes of Olive Garden, Cheddar’s Scratch Kitchen, and Yard House in Darden’s extensive portfolio of casual dining chains.

“Ruth’s Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests,” Cardenas says in the release. “Ruth’s Chris is a great complement to our portfolio of brands, and I’m pleased to welcome their nearly 5,000 team members to Darden.”

Ruth’s Chris currently holds 154 steak house locations across the world, including 80 corporate-owned or operated restaurants and 74 franchised locations.

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