Arby's Buying Buffalo Wild Wings In Deal Valued At $2.4B

ATLANTA (CBSDFW.COM/AP) — Arby's, a fast-food chain known for roast-beef sandwiches, is gobbling up chicken-wing 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. In a press release statement Sally Smith, the CEO of Buffalo Wild Wings, said, "We are excited about this merger and confident Arby's represents an excellent partner for Buffalo Wild Wings."

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)