Arby’s Owner to Buy Sonic Corp. for $2.3B
By Sara Shaw • September 26, 2018
Inspire Brands, the owner of Arby’s and Buffalo Wild Wings, has agreed to pay $43.50 per share for Sonic stock, giving the company its third major chain and fourth overall to go with upstart taco concept Rusty Taco.
“Sonic is a highly differentiated brand and is an ideal fit for the Inspire family,” Paul Brown, CEO of Inspire Brands, said in a statement. “We have tremendous respect for Sonic’s exceptional team of employees and franchise owners, who have built one of the industry’s most distinctive restaurant brands.” Sonic, which is based in Oklahoma City, operates more than 3,600 drive-ins, and last year it generated $4.4 billion in system sales. Earlier this month, the company said that its same-store sales, which had been struggling of late, rose 2.6% systemwide.