The announcement brings an end to the bitter public battle between Wendy’s and Flynn, who had both submitted bids for the restaurants in November last year.
Flynn would acquire about half of the Wendy’s restaurants currently being operated by NPC, with the other franchisees that were part of the burger chain’s initial consortium bid buying the rest, according to a regulatory filing.
Wendy’s also said it does not expect to acquire and operate any restaurant as part of the deal, which is expected to be completed by the second quarter of 2021.
NPC filed for bankruptcy protection in July and started the process to sell its assets, including its interests in Wendy’s restaurants across several markets.
Wendy’s had filed an objection in November to the sale of certain NPC assets to Flynn, saying the bidder also operates a few of its competitors’ restaurants.
By Praveen Paramasivam