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Consistent with NPC International, Inc.’s objective to continue its growth within the Pizza Hut system, NPC announced that it had entered into an Asset Sale Agreement with Pizza Hut, Inc. and affiliates.
Through this, NPC has agreed to purchase from PHI 36 Pizza Hut units for $18.8 million in cash, plus an additional amount for inventory, prepaids, and store cash.
The units being acquired include five fee-owned locations.
This acquisition will be funded with available cash on hand and borrowings from the Company’s $100.0 million revolving credit facility.