The all-cash deal is to close by year's end. Under the terms of the pact, $6 million will be contributed to Mac Acquisition LLC.

In this morning's press release about the agreement, Dallas-based Brinker's executive team estimated the sale will increase its cash tax benefit will generate a free cash-flow yield or 9% to 10% in fiscal year 2009. A one-time impairment charge of $42 million to $47 million will be recorded for FY 2008.

The deal calls for Brinker to provide corporate support services for one year and a seat on the board of directors for a new oversight entity for the brand to emerge as a stand-alone operation. Brinker is on stand by with a one-year extension option for its support role.