MTY Food Group Inc. (TSX:MTY) agreed to acquire 70% stake in Tortoise Restaurant Group Inc. on October 2, 2019. Total consideration for the transaction will be financed using MTY's cash on hand and existing credit facilities. The current owners of Tortoise Group, Jim and Clark Lishman, will be staying with MTY. The head office will stay in its current location, in Burlington, Ontario. The transaction is subject to multiple conditions customary for a transaction of this nature. The transaction is anticipated to close within the next 45 days.