July 18, 2007
IHOP to acquire Applebee’s
IHOP Corp. has sealed a deal to buy Applebee’s International, Inc. for approximately $1.9 billion in cash. The deal has been described as a “gutsy” move for IHOP and its chairman and chief executive [Julia Stewart], a former Applebee’s International executive. Once the deal closes, IHOP intends to transition Applebee’s 508 company-owned restaurants into franchises.