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. MTY Food Group Inc. (TSX:MTY) completed the acquisition of 70% stake in Tortoise Restaurant Group Inc. for CAD 27.9 million on December 3, 2019. Total consideration of CAD 27.9 million include a deferred contingent consideration amounting to CAD 6 million, an obligation for the premium to repurchase its partner in a joint venture of CAD 2.8 million and cash consideration of CAD 19.1 million. .