Jack in the Box (JACK) “announced that it has completed the sale of Del Taco Holdings to Yadav Enterprises Inc. The closing of this transaction is an important step in the Company’s “Jack on Track” plan to strengthen the Company’s balance sheet and accelerate its shift toward a simpler, asset-light business model. The Company completed the sale to Yadav for approximately $119 million in consideration, subject to post-closing working capital and other adjustments. In connection with the closing, the Company received approximately $109 million of the consideration in cash and the remaining $10 million in the form of a 21-day promissory note, accruing interest at an 8% annual rate, fully guaranteed by Anil Yadav, founder and CEO of Yadav.”
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