Casual-dining chain TGI Fridays announced today that it has agreed to be acquired by Hostmore, a U.K.-based hospitality business and also the brand’s largest global franchisee. The all-share acquisition, which is expected to close in the third quarter of 2024, would create a combined entity with 189 corporate-owned restaurants in the U.S. and U.K., for a total of nearly 600 restaurants across 44 countries.

Upon completion of the transaction, the new combined entity will be named TGI Fridays and listed on the London Stock Exchange as “TGIF.” Both U.S. and global operations of the brand will remain in place at the company’s Dallas headquarters under the leadership of current CEO, Weldon Spangler.

Founded in 1965, TGI Fridays has been owned by private equity firm TriArtisan Capital Advisors since 2014. TriArtisan had announced in late 2019 that it would combine TGI Fridays with Allegro Merger Corp. and take the company public, but the deal was cancelled in 2020 due to uncertainty during Covid. TGI Fridays reported $1.4 billion in total systemwide sales in 2023.