06:10 PM EDT, 03/26/2024 (MT Newswires) -- The ONE Group Hospitality ( STKS ) said late Tuesday it will acquire Safflower Holdings in a deal valued at $365 million.

The company said it will finance the acquisition with $160 million in preferred equity and a portion of a new $390 million term loan and credit facility. Safflower owns Benihana, which operates Japanese teppanyaki and sushi restaurants.

It expects to close the transaction by the end of Q2, after which it will have a global footprint of 168 venues.

The company expects the acquisition to add roughly $575 million in annualized system-wide revenue. It expects the deal to be immediately accretive to earnings per diluted share.

The company's shares climbed nearly 15% in after-hours activity.

Price: 4.6, Change: +0.59, Percent Change: +14.71