USA: NPC International, Inc. Announces Intent to Acquire 65 Pizza Hut Units From Pizza Hut, Inc.
Consistent with NPC International, Inc.'s goal to continue its growth in Tricon's Pizza Hut system, the Company announced that it had signed a letter of intent with Pizza Hut, Inc. (PHI) to acquire 65 Pizza Hut units located primarily in Iowa, with additional units in Illinois and Georgia. The 39 restaurants and 26 delivery/carryout units generated nearly $41 million in sales during the 52 weeks ended March 2000. NPC expects this transaction to close in early June. Consummation of the transaction is subject to negotiation of a definitive asset acquisition agreement, board approval of both companies, and approval from regulatory agencies. Further details regarding the terms of the transaction will be disclosed subsequent to receiving approval of the transaction from the boards of directors of both companies, which is expected to occur in late May. NPC is actively engaged in reviewing opportunities as presented by Pizza Hut, Inc. In addition, the company remains active in the pursuit of franchisee locations that are contiguous to the Company's territories. NPC International, Inc. is the world's largest Pizza Hut franchisee and operates 782 Pizza Hut restaurants and delivery/carryout units in twenty-six states.
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