Big news in corporate restaurant land: IHOP is purchasing Applebee’s for $2.1 billion. The deal is going to take place in late 2007 and will be IHOP’s first experience in (yup) non-IHOP Restaurants. Of course, Applebee’s and IHOP will remain as seperate restaurants. $2.1 billion is a lot of buffalo wings.
IHOP Purchasing Applebee’s [CNN/Money]