Orlando, FL-based Darden Restaurants announced May 3 that it will acquire Ruth’s Hospitality Group, which operates the upscale dining chain Ruth’s Chris Steak House. Darden will pay $21.50 per share for all of the outstanding shares of Ruth’s in an all-cash transaction valued at about $715 million.

Cheryl Henry, president/CEO/chairperson of Ruth’s, will continue to lead the brand and will report to Darden president/CEO. Darden’s restaurant portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.

Ruth Fertel founded Ruth’s Chris in 1965 in New Orleans. The chain now has 154 locations around the globe, including 80 company-owned or -operated restaurants and 74 franchised restaurants. The brand is known for its USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and an award-winning wine list. Ruth’s Chris restaurants generated systemwide sales exceeding $860 million, total revenues over $500 million, and average annual restaurant volumes for company-owned or -operated locations of $6.2 million in Ruth’s fiscal year 2022.