Restaurant industry news : Arby’s Restaurant Group, an Atlanta-based fast casual restaurant chain has agreed to acquire Ohio-based Buffalo Wild Wings, a casual dining restaurant chain for around $2.9 billion.

The merger transaction, which will see shareholders of Buffalo Wild Wings get $157 per share in cash, will also include the net debt of the American casual dining restaurant chain.

Founded in 1982, Buffalo Wild Wings has over 1,230 casual dining restaurants across the US, Canada, Mexico, the Middle East, India, the Philippines and Panama.

Commenting on Arby’s Restaurant Group acquisition of Buffalo Wild Wings, Paul Brown said: “Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America.

“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.”

After the closing of the merger, Buffalo Wild Wings will be operated as a subsidiary of Arby’s Restaurant Group and as an independent brand. Paul Brown, the current CEO of Arby’s Restaurant Group will take over the same role of the parent company.

Founded in 1964, Arby’s Restaurant Group is majority owned by an affiliate of Atlanta-based private equity firm Roark Capital Group. Arby’s Restaurant Group, which is also the owner of Arby’s, a sandwich restaurant brand, owns over 3,300 restaurants across seven countries.

Sally Smith, the CEO of Buffalo Wild Wings, commenting on the Arby’s Restaurant Group acquisition of Buffalo Wild Wings, said:  “We are excited about this merger and confident Arby’s represents an excellent partner for Buffalo Wild Wings.

“This transaction provides compelling value to our shareholders and is a testament to the hard work and efforts of our talented Team Members and franchisees.

“We are confident that the strength of our two industry-leading brands, under the sponsorship of Roark Capital – an experienced restaurant and food service investor – will enable us to capitalize on significant growth opportunities in the years ahead.”

Arby’s Restaurant Group acquisition of Buffalo Wild Wings has been approved unanimously by boards of directors of both the companies. The Arby’s Buffalo Wild Wings merger deal is not subject to a financing condition and is anticipated to be completed during Q1 2018.

The transaction will be subject to approval of Buffalo Wild Wings shareholders and receipt of applicable regulatory approvals among other customary closing conditions that would need to be met.

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  Arby’s Restaurant Group, Buffalo Wild Wings, Casual dining restaurant chain, Food acquisition news, Restaurant industry news, Roark Capital Group, USA