The parent company of Arby’s and Buffalo Wild Wings is acquiring Sonic in a $2.3 billion deal that assumes all debt, the companies announced on Tuesday.
The deal, which will pay Sonic shareholders $43.50 per share in cash, adds to Inspire Brand’s portfolio of restaurants that also includes Rusty Taco. Inspire Brands is owned by private equity form Roark.
As part of the deal, Sonic will become a private company.
This story is developing. Please check back for updates.
