Papa John's Mulls $1.5B Offer to Go Private

Irth Capital, a Qatari-backed fund, has offered $47 per share to take the pizza chain private.

Mar. 11, 2026 at 6:33pm

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Papa John's International is reviewing a fresh $1.5 billion bid from Irth Capital Management to take the pizza chain private. Irth has offered $47 per share, representing a 44% premium to the stock's last close. The deal would value Papa John's at around $1.5 billion.

Why it matters

This potential deal comes as Papa John's has been attempting a turnaround strategy after years of battling weak demand under multiple CEOs. Going private could allow the company to make changes and investments away from the scrutiny of public markets.

The details

Irth Capital, a Qatari-backed fund established in 2024, has offered to buy Papa John's for $47 per share. This would value the pizza chain at around $1.5 billion, a premium of 44% to its last closing price. Papa John's is currently reviewing the offer, though there is no certainty a deal will be reached as another bidder could emerge.

  • On March 11, 2026, the news of Irth Capital's $1.5 billion offer to take Papa John's private was reported.

The players

Irth Capital Management

A Qatari-backed fund that was established in 2024 and is now offering to take Papa John's private in a $1.5 billion deal.

Papa John's International

The pizza chain that is reviewing Irth Capital's $1.5 billion offer to take the company private at $47 per share.

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What’s next

If Papa John's accepts Irth Capital's offer, the deal would need to go through regulatory approval before the pizza chain could be taken private.

The takeaway

This potential deal highlights the challenges Papa John's has faced in recent years and the company's efforts to turn itself around. Going private could give Papa John's more flexibility to make changes, but the outcome remains uncertain as other bidders could emerge.