ATLANTA (AP) – Arby’s is buying casual dining chain Buffalo Wild Wings in a deal worth about $2.4 billion.

Arby’s Restaurant Group Inc. 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 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.

Shares of Buffalo Wild Wings jumped more than 6 percent in premarket trading.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Follow us on Twitter | Like us on Facebook

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS St. Louis

Shop KMOX Apparel
KMOX Podcasts
High School Spotlight

Listen Live