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Jack in the Box buys 2nd-largest Mexican fast food chain in Del Taco

Jack in the Box buys 2nd-largest Mexican fast food chain in Del Taco
Del Taco has about $450 million in market value compared to Jack in the Box's $1.8 billion cap. UPI Photo/File | License Photo

Dec. 6 (UPI) -- Burger chain Jack in the Box said Monday it's buying the nation's second-largest Mexican food chain, Del Taco, in a deal worth close to $600 million.

Jack in the Box said it will pay $12.51 per share and plans to finance the acquisition by issuing additional securitization notes.

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The overall value of the deal is about $575 million, the companies said.

The move will add about 600 Del Taco restaurants in 16 states, giving Jack in the Box more than 2,800 locations nationwide. The deal is expected to close in a few months.

Del Taco has about $450 million in market value compared to Jack in the Box's $1.8 billion cap.

Jack in the Box said the deal should produce $15 million in benefits within a year.

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