The deal combines Wendy’s, the number 3 hamburger chain, with Arby’s.
"I think thrilled is the word to come to mind," Roland Smith, the new chief executive of Wendy's and the former CEO of Triarc, reportedly said of the deal closure. "It's exciting not only for me but for the people in both companies to be bringing this to a close."
Triarc will change its name to "Wendy's/Arby's Group Inc." and will trade under the "WEN" symbol on the New York Stock Exchange beginning Tuesday. Arby's chief operating officer Tom Garrett will be the new CEO of Arby's. Smith is the CEO of both Wendy's and Wendy's/Arby's Group.
Shareholders of both companies reportedly approved the deal earlier this month.
Changes to the payroll are also ahead. Smith has said for months that job cuts at Wendy's will be necessary but has not provided any details.
Smith reportedly said an announcement on job cuts could come in the next month.
Source: Associated Press