The cheesecake factory incorporated (nasdaqgs:cake) completed the acquisition of the remaining stake in north italia concept from fox restaurant concepts llc.

The cheesecake factory incorporated (nasdaqgs:cake) entered into definitive agreement to acquire the remaining stake in north italia concept from fox restaurant concepts llc for approximately $130 million on july 30, 2019. the consideration will be paid in cash. in a related transaction, the cheesecake factory incorporated entered into definitive agreement to acquire fox restaurant concepts. the transactions will be completed for $308 million in cash at closing. an additional $45 million will be due ratably over the next four years, related to fox restaurant concepts acquisition. the cash due at closing will be funded by drawing on the cheesecake factory incorporated upsized revolving credit facility of $400 million and cash on hand. at the completion of the transactions, 21 locations are expected to be in operation and north italia's operations will be located at the cheesecake factory incorporated's corporate headquarters in calabasas hills, california. . the transaction is subject to the expiration of the applicable hart-scott-rodino act waiting period and other customary closing conditions. the cheesecake factory incorporated’s board of directors has unanimously approved the transaction. the transaction is expected to close around the end of the third quarter of fiscal 2019. the transactions are expected to be approximately neutral to earnings per share in fiscal 2020 and accretive thereafter. the cheesecake factory incorporated (nasdaqgs:cake) completed the acquisition of the remaining stake in north italia concept from fox restaurant concepts llc for on october 2, 2019. the company closed on an upsized $400 million revolving credit facility and had $335 million drawn at the end of the third quarter of fiscal 2019, including $285 million to support the funding of the north italia and frc acquisitions.
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