IHOP Selling 41 Applebee’s To Franchisee

The Kansas City Star:

The largest franchisee of Applebee’s Grill and Bar restaurants has bought an additional 41 locations of the casual dining chain from its owner IHOP Corp.

IHOP, which completed its acquisition of Applebee’s last year, said at the time it would be selling the vast majority of the company-owned Applebee’s with the proceeds to be used to finance the $2.1 billion million deal.

The Glendale, Calif.-based pancake chain said it expects to sell a total of 100 Applebee’s by the end of fiscal 2008, which it expects to raise after-tax proceeds of $90 million to $100 million.