Tilman Fertitta has added yet another restaurant chain to Landry's sizeable stable.
Fertitta announced on Friday that a Landry's subsidiary had reached an agreement to purchase Morton's Restaurants Group, which includes 77 Morton's Steakhouses across the United States, China, Mexico, Canada and Singapore as well as Trevi Italian restaurant in Las Vegas.
Landry's will pay approximately $116.6 million in cash to acquire the steakhouse chain, or $6.90 per share, 34 percent higher than the stock's closing price on Thursday. Fertitta was already the fourth-largest investor in Morton's, owning about five percent of the company.
"Morton's is one of the most recognizable and successful high-end steak brands in the world. They are a dominant operator in the high-end steak category," Fertitta said via a press release. "Morton's will be refreshed and modernized while still maintaining its first class atmosphere and food quality. The Morton's guests will continue to receive exceptional food and service, and we plan to introduce new food items and expand our culinary offerings."
Morton's is the latest in a string of Landry's acquisitions since Fertitta took the company private in 2010. Ferttita purchased seafood chain McCormick's & Schmick's in November in addition to Eva Longoria's Beso in Las Vegas, Oceanaire Seafood Room, Bubba Gump Shrimp Co., Claim Jumpers and Donald Trump's Atlantic City casino.