July 25 (Reuters) - DineEquity Inc said on Wednesday it has agreed to sell 65 company-owned Applebee’s restaurants in Michigan to TSFR Apple Venture LLC.
DineEquity said the sale of the restaurants is expected to bring in after-tax net proceeds of about $61 million and reduce its sale-leaseback related financing obligations by around $38 million. The sales are subject to regulatory approval.
When this and other pending deals close later this year, the company will have completed its plan to sell 510 U.S. company-operated Applebee’s restaurants it acquired in 2007 to franchisees.
DineEquity said it would retain ownership of 23 Applebee’s test market restaurants. (Reporting By Lisa Baertlein in Los Angeles; Editing by Leslie Adler)