Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI) stock was up on Tuesday following the announcement of Restaurant Brands International Inc’s (NYSE:QSR) takeover plans.

Popeyes Louisiana Kitchen Inc and Restaurant Brands International Inc have reached an agreement for the former to be acquired by the latter. The deal will have QSR paying $1.8 billion for PLKI.

The $1.8-billion price for Popeyes Louisiana Kitchen Inc will have Restaurant Brands International Inc paying $79 per share in cash for the fried chicken restaurant chain. This is a 27% premium to PLKI’s 30-trading day Volume Weighted Average Price as of Feb. 10, which was when talk of the acquisition reached the media.

Restaurant Brands International Inc’s, the owner of Burger King and Tim Hortons, will be using cash on hand and funds from a commitment for the deal. JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) are the providers of the additional funds.

Restaurant Brands International Inc says that it plans to keep Popeyes Louisiana Kitchen Inc independently managed in the United States following the completion of the deal. It plans to quickly expand the restaurant chain’s presence in the U.S. and other countries.

The deal between Popeyes Louisiana Kitchen Inc and Restaurant Brands International Inc is expected to close in early April 2017. However, it will first need to complete customary closing conditions. This includes regulatory approval and obtaining majority shares in a tender offer to PLKI shareholders. Once this is complete, QSR will obtain all other outstanding shares for the same price via a a second-step merger.

PLKI stock was up 19% and QSR stock was up 6% as of Tuesday morning.