Jack in the Box is saying adíos to Del Taco.

The San Diego-headquartered restaurant giant announced Thursday it is selling its entire Del Taco chain to Yadav Enterprises, one of Jack in the Box’s franchisees, for $115 million in cash.

Jack in the Box management said the deal will bolster its bottom line by retiring debt and move the company “to a simpler, asset-light business model” as part of its “Jack on Track” plan that it rolled out to investors in April, aimed at improving long-term financial performance.

“This divestiture is an important step in returning to simplicity, and we look forward to focusing on our core Jack in the Box brand,” company CEO Lance Tucker said in a news release announcing the sale.

The transaction is expected to be completed by January.

Founded in 1964

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