U.S. Restaurant, CNL in $1.3-Billion Merger
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U.S. Restaurant Properties Inc. will merge with restaurant real estate investment trust CNL Restaurant Properties Inc. and 18 CNL Income Funds in a deal valued at $1.3 billion in cash and stock.
The merged company will offer real estate services and financing to restaurant chains. It will have $2.5 billion in assets, own 1,900 properties and have financial interests in about 3,000 properties in 49 states. Brands include Applebee’s, Burger King, Jack in the Box, KFC, Pizza Hut, TGI Friday’s and Wendy’s.
CNL Restaurant holders will receive 0.8 share of U.S. Restaurant and 0.16 share of newly issued U.S. Restaurant Properties stock for each share held.
U.S. Restaurant rose 23 cents to $15.35 on the NYSE.
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