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DineEquity strikes deal to sell 65 Applebee's to franchisee
July 25, 2012 / 12:04 PM / 5 years ago

DineEquity strikes deal to sell 65 Applebee's to franchisee

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)

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