Jack in the Box will acquire leading Mexican QSR chain Del Taco for $12.51 per share or $575 million, according to a press release.

"We are thrilled to welcome Del Taco, a beloved brand and proven regional winner, to the Jack in the Box family," Darin Harris, CEO of Jack in the Box, said in the release. "This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities. 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. This acquisition fits squarely in our strategic pillars and helps us create new opportunities for the franchisees, team members and guests of both brands."

Founded in 1964, Del Taco serves more than three million guests each week at its approximately 600 restaurants across 16 states.

"We are excited to have found a partner in Jack in the Box that shares our vision for the future and has the QSR expertise to further accelerate Del Taco's growth," said John D. Cappasola Jr., president and CEO of Del Taco. "In recent years, we have uniquely positioned Del Taco as a leader in the growing Mexican QSR category, expanded our digital capabilities to enhance consumer convenience and focused on growing the brand through franchising, resulting in eight consecutive years of franchise same store sales growth and an accelerating new unit pipeline.

"We expect this transaction will provide Del Taco with the scale, complementary capabilities and opportunity to become even stronger partners to our franchisees and support their ability to drive substantial growth in our core and emerging markets. On behalf of Del Taco Restaurants, Inc. Board of Directors, we're confident the agreement delivers immediate value to Del Taco shareholders and will greatly benefit our brand, team members, franchisees and loyal guests for many years to come."

Jack in the Box operates more than 2,200 restaurants in 21 states and Guam.

Both companies are based in San Diego.

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