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Shares of Fogo de Chao skyrocketed more than 25 percent after the company disclosed it was being acquired by Rhone Capital in a deal worth $560 million.
Rhone will pay $15.75 per share in cash for the Brazilian steak chain, a more than 25 percent premium to Fogo's closing share price Friday.
"After a thorough evaluation of the options available, the Board of Directors is confident that this transaction will provide Fogo a significant opportunity to realize the highest value for our stockholders while providing the best path forward for the Fogo de Chao brand, employees, and loyal customers," Larry Johnson, CEO of Fogo de Chao, said in a statement Tuesday.
The transaction is expected to close in the second quarter and was unanimously approved by the company's board of directors.
"We are excited by the acquisition by Rhone," Johnson told CNBC. "Rhone has got a very global view and we think that fits will with the Fogo brand, where we are and where we want to go."
Johnson said the company has a good footprint in the U.S. and Brazil and is looking at expanding in the rest of the world. He sees Fogo going private as an opportunity to spend more time and resources on international growth.
The steak chain has two locations in Mexico City and recently opened its second location in the Middle East, Johnson said.