Pancake house operator IHOP (IHP) said Thursday it had completed its $1.9 billion purchase of casual dining chain Applebee’s International (APPB).
Under terms of the deal, shareholders of Applebee’s will be paid $25.50 per share, a 4.6% premium over its closing price on the day before the offer was announced in July and 2 cents above where the shares ended trading Thursday.
IHOP is also assuming $155 million in Applebee’s debt as part of the deal.
The combined company has $6.8 billion in annual sales and more than 3,250 restaurants.
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