Jack in the Box has completed its acquisition of Del Taco Restaurants Inc. for approximately $585 million, according to a press release.

"Today marks an important milestone in our company's history as we officially welcome Del Taco to the Jack in the Box family," Darin Harris, Jack in the Box CEO, said in the release. "We have ambitious growth plans for our combined company, and we are excited for the many exciting opportunities ahead. Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands."

"We're extremely proud to join forces with the Jack in the Box brand and are excited to have found a partner that shares a similar culture and passion for what we do," John D. Cappasola, Jr., president and CEO of Del Taco, said in the release. "We expect this transaction will significantly strengthen and grow our beloved brands."

Under the terms of the agreement and plan of merger, Del Taco stockholders will receive $12.51 per share in cash, and Del Taco's common stock ceased trading Monday, March 8.

Jack in the Box operates more than 2,200 restaurants in 21 states and Guam. Del Taco operates approximately 600 restaurants across 16 states.

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