Looks like Arby’s is about to add some Buffalo to its menu!
The parent company of the “we have the meats” restaurant announced plans to acquire Buffalo Wild Wings in a deal valued at $2.9 billion.
Buffalo Wild Wings is getting a new owner
Arby’s will acquire Buffalo Wild Wings for $157 per share in cash in the transaction.
As far as restaurant mergers go, this is a big one. The nearly $3 billion price tag dwarfs competitor Restaurant Brands International’s early 2017 acquisition of Popeyes for $1.8 billion.
“We are excited about this merger and confident Arby’s represents an excellent partner for Buffalo Wild Wings,” says Buffalo Wild Wings CEO Sally Smith.
The deal is expected to close during the first quarter of 2018.
If you’re looking for clues about what to expect from Buffalo Wild Wings after the merger, Smith didn’t breathe a word about it during a recent earnings call just days before Halloween.
But this much we do know because it was in the press release: The hip wings-and-beer purveyor will remain a privately held subsidiary of Arby’s Restaurant Group and continue to operate under its own banner.
So if you were worried that Buffalo Wild Wings will be going away because of this deal, fear not!
As of late October 2017, Buffalo Wild Wings had more than 1,240 locations in nine countries.
The restaurant will join other food service brands such as Auntie Anne’s, Carvel, Cinnabon, Jimmy John’s Moe’s Southwest Grill, Schlotzsky’s and more in the Roark portfolio.
Why you may want to rethink your soft drink choice
[anvplayer video=”4137804″ station=”998267″]