Arby’s has announced a deal to acquire Buffalo Wild Wings for $2.4 billion. The cash transaction means that Arby’s will also assume Buffalo Wild Wings’ debt, reports USA Today.
"Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” Arby's CEO Paul Brown said in a statement. “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.”
Buffalo Wild Wings has more than 1,250 locations worldwide. Slumping sales in the wake of rising chicken wing prices has led to shakeups in the company, including the retirement of CEO Sally Smith in June.
Source: USA Today