March 12 (Reuters) - Levy Acquisition Corp, the blank-check acquisition vehicle of Chicago restaurateur Larry Levy, said it would acquire Del Taco Inc for about $500 million, including debt.
Levy’s family and other new investors will invest $120 million in the privately held U.S. fast food chain before the merger.
Reuters reported in February that Levy Acquisition was in advanced talks to buy Del Taco.
Levy Acquisition said it plans to change its name to Del Taco Restaurants Inc and will continue to trade on the Nasdaq.
Del Taco is owned by a consortium of private equity firms that include Goldman Sachs Mezzanine Partners, Charlesbank Capital Partners and Leonard Green & Partners LP. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D‘Souza)