Burger King Corp. said it bought 72 restaurants in Iowa and Nebraska from franchisee Simmonds Restaurant Management.

The Miami-based fast-food chain (NYSE: BKC) said the deal is part of its ongoing portfolio management strategy.

"As a result of this deal, we have expanded our company restaurant presence to attractive Midwest markets, enabling us to leverage our existing infrastructure and established brand presence," said Chuck Fallon, Burger King's president for North America, in a news release. "We thank Simmonds Restaurant Management and Mike Simmonds for their more than 30 years of dedication and commitment to the Burger King brand."

Michael Simmonds established Simmonds Restaurant Management in 1976 with the first Burger King restaurant in Fremont, Neb.

Burger King shares closed down 74 cents to $27.54. The 52-week high was $30.75 on May 19. The 52-week low was $21.60 on Jan. 22.
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