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NPC in Pizza Hut sale, purchase
December 17, 2008
OVERLAND PARK, Kan. -- NPC International Inc., the largest Pizza Hut franchisee, has entered into an asset purchase and sale agreement with Pizza Hut Inc. in which PHI has agreed to purchase from NPC 42 Pizza Hut units for $19 million in cash and NPC has agreed to purchase from PHI 55 Pizza Hut units for $18.5 million in cash.
The units NPC is purchasing include 10 fee-owned locations which NPC will lease from PHI. The units NPC is selling include one fee-owned location that will be leased to PHI.
NPC's acquisition will be funded entirely with proceeds from the sale of Pizza Hut units to PHI.
The units NPC is acquiring from PHI are located in and around Denver and are comprised of 37 delivery/carry-out units and 18 dine-in restaurants. Fifteen of the units NPC is selling to PHI are located in the Evansville, Ind., area and 27 of the units are located in the Shreveport, La., area.
NPC expects the closing to occur in January 2009, subject to obtaining applicable government approvals and other customary approvals.
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