U.S. Restaurant to buy CNL
$1.3b deal creates largest industry services provider
U.S. Restaurant Properties Inc., which leases properties to restaurants including Burger King and Pizza Hut, agreed to buy CNL Restaurant Properties Inc. for $1.3 billion to create the largest company providing financial and real estate services to the country's restaurant industry.
The transaction price comprises $700 million to $750 million in U.S. Restaurant's common and preferred stock and $540 million for 18 CNL Income Funds, of which $450 million is in cash and the rest preferred stock, said CNL Restaurant chief financial officer Steve Shackelford.
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