ATLANTA — Arby’s Restaurant Group, Inc. has entered into a definitive agreement to acquire Buffalo Wild Wings, Inc. for $157 per share in a transaction valued at approximately $2.9 billion, including net debt. The purchase price equates to a premium of approximately 38% to Buffalo Wild Wings’ 30-day volume-weighted average stock price as of Nov. 13, the latest trading day prior to reported speculation of a potential transaction.
The deal is expected to close during the first quarter of 2018, subject to customary closing conditions and the approval of Buffalo Wild Wings shareholders.
Majority owned by affiliates of Roark Capital Group, an Atlanta-based private equity firm, Arby’s Restaurant Group is the owner-operator and franchisor of more than 3,300 Arby’s restaurants in seven countries.
Upon completion of the transaction, Buffalo Wild Wings will become a privately-held subsidiary of Arby’s Restaurant Group, Inc., and will be operated as an independent brand. Paul Brown, chief executive officer of Arby’s Restaurant Group, will lead the parent company.
|Paul Brown, c.e.o. of Arby’s Restaurant Group|
“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” Mr. Brown said. “We are excited to welcome a brand with such a rich heritage, led by an exceptionally talented team. We look forward to leveraging the combined strengths of both organizations into a truly differentiated and transformative multi-brand restaurant company.”
Founded in 1982, Minneapolis-based Buffalo Wild Wings operates more than 1,250 restaurants in 10 countries, serving a variety of flavored Buffalo, New York-style chicken wings and other made-to-order menu items in a sports bar setting.
|Sally Smith, c.e.o. of Buffalo Wild Wings|