Sept. 25 (UPI) — Inspire Brands, the company that owns Arby’s, Buffalo Wild Wings and Rusty Taco, announced Tuesday it will add Sonic to its fast-food portfolio.
Inspire Brands will purchase Sonic Corp. for $43.50 per share, a transaction worth about $2.3 billion, Sonic said.
The deal represents a 19 percent premium on Sonic’s closing stock price on Monday. The company’s share prices were up 18.4 percent midday Tuesday after news of the merger.
Sonic’s board of directors unanimously approved the merger, which will see the drive-in restaurant operate as an independent brand.
“We’re excited to build on Sonic’s momentum as we leverage our combined expertise and capabilities to better serve guests, further support team members and franchisees and drive long-term growth,” Inspire Brands CEO Paul Brownsaid.
The merger is subject to the approval of Sonic’s shareholders as well as any applicable regulatory bodies. The companies expect to close the deal before the end of 2018.
Before the Sonic acquisition, Inspire Brands had 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations throughout the world. There are more than 3,600 Sonic restaurants in the United States, 95 percent of which are owned by local businessmen and women.