Darden Restaurants will acquire Chuy's Holdings for approximately $605 million in cash, the companies announced jointly on Wednesday. Darden agreed to acquire all outstanding shares of Chuy's at $37.50 per share, according to a press release. "Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy," Darden CEO Rick Cardenas said in a statement. "I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category." Cardenas said in the press release that Chuy's has strong performance and growth potential.

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Persons: Darden, Chris Steak, Rick Cardenas, Cardenas, Chuy's, Steven Hislop Organizations: Chuy's Holdings, Wednesday, Chuy's, Olive Garden, LongHorn, Darden Locations: Olive, Austin , Texas