NPC also agreed to acquire two additional restaurants currently under development by Wendy’s in exchange for reimbursement of development costs and payment of initial franchise fees, thereby increasing the number of restaurants to be acquired to 24.
This acquisition was funded entirely with available cash. The restaurants will be owned and operated by NPC’s wholly-owned subsidiary, NPC Quality Burgers Inc.
The Company expects to close on the acquisition of 13 Wendy’s restaurants from Value Foods by the end of July 2013.
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