Austin’s homegrown restaurant chain Chuy’s is at the center of a $605 million purchase, with the joint agreement between Chuy’s and Darden Restaurants, Inc. announced Wednesday.

Darden Restaurants announced it has agreed to acquire all of the outstanding shares of Chuy’s.

Under the financial transaction, Darden paid $37.50 per share of the company in all cash for the company. That equals to what the press release describes as an “enterprise value of approximately $605 million.”

What restaurants does Darden own?

• Olive Garden
• LongHorn Steakhouse
• Yard House
• Ruth's Chris Steak House
• Cheddar's Scratch Kitchen
• The Capital Grille
• Seasons 52
• Eddie V's
• Bahama Breeze

According to its website, the company operates over 1,900 restaurants across all 50 states.

Steven Hislop, Chairman, CEO and President of Chuy’s, stated, “We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic,made-from-scratch Tex-Mex to more guests and communities.”

The inaugural Chuy’s opened off Barton Springs Road in 1982 and has since expanded to 101 restaurants across 15 states, as of July. Nationally, Chuy’s employs approximately 7,400 workers, per reporting from the Austin Business Journal.

It now operates 101 restaurants in 15 states and has 7,400 employees.

There are a lot of reasons people love Chuy's, some of those include their creamy jalapeno dip, queso, enchiladas, margaritas, freshly made tortillas, and its interesting decor and vibes.

“Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy’s is an excellent fit that supports our winning strategy,” Cardenas said in a statement.

The deal comes as both restaurant companies have been struggling with a downturn in customer traffic due to consumer concerns about inflation.

In Darden’s fiscal fourth quarter, which ended May 26, same-store sales — or sales at restaurants open at least a year — were flat compared to the prior year. Chuy’s same-store sales were down 5% in its first quarter, which ended March 31.

What Changes Are Coming To Chuy's?

With the new buyout, Hislop says he will accelerate Chuy’s business goals and expand the brand to more communities.

"Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities," said Hislop.