OVERLAND PARK, KAN. — Overland Park, Kan.-based NPC International Inc. has entered into two agreements with Pizza Hut Inc. involving the sale and acquisition of more than 150 stores located throughout the United States. As part of the initial Asset Purchase Agreement, NPC will take control of 89 Pizza Hut locations from Pizza Hut Inc. for a cash payment of $26.4 million. The units being sold by Pizza Hut Inc. include 41 fee-owned locations. NPC will acquire one of these properties and lease 40 of them from Pizza Hut Inc. The stores to be acquired pursuant to the Asset Purchase Agreement include 82 units in Tampa, Fla., and seven units in Cedar Rapids, Iowa. Additionally, in an Asset Purchase and Sale Agreement (PSA), Pizza Hut Inc. has agreed to buy 70 Pizza Hut units from NPC for $19.6 million in cash. The agreement also requires that NPC will purchase 102 Pizza Hut units from Pizza Hut Inc. for an additional $26.5 million. Units being acquired as part of the PSA include 52 stores in Kansas City, Mo., and 50 stores throughout North Atlanta. The stores that will be sold pursuant to the PSA include 27 units in Jackson, Miss., 20 units in Spokane, Wash., 20 units in Savannah, Ga., and three units in Jacksonville, Fla. Upon obtaining applicable government approvals, NPC expects both deals to close in December.
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