Title: TGI Fridays and U.K. Franchisee Hostmore Announce Merger Deal Valued at $220 Million

In an exciting development, popular American restaurant chain TGI Fridays and its U.K. franchisee, Hostmore, have unveiled their plans to merge in an all-share deal. The agreement, valued at £177 million ($220 million), will result in the creation of a new publicly traded company on the London Stock Exchange. The merged entity will be listed under the ticker symbol "TGIF."

The merger announcement marks a significant milestone for TGI Fridays, renowned for its delicious offerings of potato skins, chicken wings, and limitless appetizers. Despite facing challenges during the COVID-19 pandemic, the restaurant chain has seen a surge of positive growth. As a result of the deal, TGI Fridays will have increased corporate-owned restaurant locations and additional capital to drive global expansion.

While the company's U.S. and global brand operations will continue to be headquartered in Dallas, Texas, CEO Weldon Spangler, who has been leading the company since October, will retain his position. Expressing his enthusiasm about the merger, Spangler stated, "This transaction represents the next step in our journey as it increases our corporate-owned restaurant locations and provides capital to expand our presence globally."

Upon completion of the merger, the new company is projected to own a total of 189 restaurants in both the United States and the United Kingdom. The remaining approximately 400 locations worldwide will continue to be operated by franchisees, spanning across 44 countries.

Subject to regulatory approval, the merger is expected to be finalized in the third quarter of the year. TriArtisan Capital Advisors, who acquired TGI Fridays from Carlson Restaurants in 2014 for over $800 million, will oversee the deal. TriArtisan is also known for its ownership stakes in renowned brands such as P.F. Chang's and Hooters.

TGI Fridays, aiming to go public in 2019 through a special purpose acquisition company (SPAC), faced obstacles due to the financial upheaval caused by the COVID-19 pandemic. However, their recent financial reports are promising, with a 3.6% increase in revenue to $75.2 million as per U.S. franchise disclosure documents for 2022.

While the casual-dining segment has experienced some challenges in recent times, TGI Fridays remains resilient by making strategic decisions. Earlier this year, the chain closed 36 underperforming restaurants in the U.S., focusing on optimizing their operations and catering to evolving customer preferences.

With the merger on the horizon, TGI Fridays and Hostmore are poised to continue their growth trajectory, driven by their well-loved menu and customer-centric approach. As they expand their footprint and strengthen their brand presence, fans of TGI Fridays and investors alike eagerly await the successful culmination of this partnership.