Arby’s acquires Buffalo Wild Wings for $2.9 billion

Arby’s Restaurant Group has announced it will acquire Buffalo Wild Wings for $157 per share in cash—a transaction valued at approximately $2.9 billion, including Buffalo Wild Wing’s net debt. The agreement, which has been unanimously approved by both companies’ Boards of Directors, represents a premium of approximately 38% to BWW’s 30-day volume-weighted average stock price as of November 13, 2017, the latest trading day prior to news reports speculating about a potential transaction.

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

The transaction is not subject to a financing condition and is expected to close during the first quarter of 2018, subject to the approval of Buffalo Wild Wings shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

Following the close of the transaction, Buffalo Wild Wings will be a privately held subsidiary of Arby’s Restaurant Group and will continue to be operated as an independent brand. Brown will serve as chief executive officer of the parent company.

Press release