Looks like Arby’s is making good on its slogan of, “We have the meats.”
According to publishes reports, Arby’s parent company is buying casual dining chain Buffalo Wild Wings in a deal worth about $2.9 billion.
Roark Capital Group said Tuesday that it will pay $157 per share. That’s a 7 percent premium to Buffalo Wild Wings Inc.’s Monday closing price of $146.40.
The companies put the all-cash transaction’s value at $2.9 billion, including debt. Once the deal closes Buffalo Wild Wing will become a privately held subsidiary of Arby’s and will continue to operate as an independent brand.
The deal is expected to close in 2018’s first quarter. It still needs the approval of Buffalo Wild Wings shareholders.
“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” said Arby’s CEO Paul Brown said in a statement. “We look forward to leveraging the combined strengths of both organizations into a truly differentiated and transformative multi-brand restaurant company.”
Roark Capital Group, which also owns Arby’s, Cinnabon and Auntie Anne;s, tried to buy fried chicken fast food chain Popeyes Louisiana Kitchen, which was instead sold to Restaurant Brands International (which also owns Burger King and Tim Horton’s) for roughly $1.8 billion earlier this year.