Olive Garden parent company Darden Restaurants is buying Ruth's Chris Steak House for $750 million.

Closing Bell

Olive Garden Parent Company to Buy Ruth's Chris Steak House

Olive Garden's parent company buying roots Chris Steakhouse. Darden restaurants purchasing the steakhouse chain for $750 million making it the 10th biggest restaurant chain in the, the 10th excuse me restaurant chain in the company's portfolio. There are 150 ruth Chris locations worldwide. The deal is valued at $21.50 a share in an all cash deal. And the deal does precede the steakhouse's first quarter earnings report which is expected before the Bell on Friday. So if everything goes well for Darden, the deal is expected to close in June. Ruth's Chris Ceo Cheryl Henry will stay on as president of the chain but report to Darden's President Rick Cardenas.