Olive Garden Owner , Buys Ruth’s Chris Steak House.<br />Darden Restaurants, which owns <br />Olive Garden, LongHorn Steakhouse and more, made the announcement on May 3.<br />Darden Restaurants, which owns <br />Olive Garden, LongHorn Steakhouse and more, made the announcement on May 3.<br />It will acquire Ruth's Hospitality Group for <br />$715 million in an all-cash transaction, CNBC reports. .<br />The steakhouse had $505.9 million <br />in revenue last year.<br />There are over 150 Ruth's Chris <br />locations around the world. .<br />The deal marks the first acquisition <br />for Darden Restaurants in six years.<br />In 2017, Darden bought <br />Cheddar's Scratch Kitchen for $780 million.<br />Darden is set to release its Q1 earnings <br />report before the bell on May 5.<br />Ruth's said it had 4.5% same-store <br />sales growth last quarter.<br />If all conditions are met, <br />the deal will close in June.<br />Ruth's Chris CEO Cheryl Henry will remain president of the chain while reporting to Darden CEO Rick Cardenas.
