Student age Upcoming Events Papa John’s pizza chain to buy scrapbook paper company for $1 billion

Papa John’s pizza chain to buy scrapbook paper company for $1 billion

By Jessica Y. LiAssociated PressPosted May 15, 2020 10:30AMPapa John’s Pizza chain will acquire scrapbooking paper company Paperback Paper for $9.9 billion, the company said Wednesday.

The deal values the company at about $7 billion, according to a statement from Papa John and the company’s parent, the New York Post.

The Paperback company will continue to operate in the United States.

It will also retain its existing U.S. headquarters, which will continue as a corporate office.

The New York Times first reported the deal.

Papa Johns pizza chain had its second-biggest sales in the U.K. in 2019, up from its first-quarter 2019, according a report from Nielsen.

Its shares rose more than 4% to $5.11 on the New Orleans Stock Exchange.

The company had net income of $6.7 million, or $0.18 per share, in the latest quarter, up $2.4 million from the same period last year.