Sonic to be sold in $2.3 billion transaction
OKLAHOMA CITY, OK (KOKH) - Sonic has announced they will be acquired in a transaction valued at approximately $2.4 billion.
The company announced Sept. 25 that they have entered in to a definitive merger agreement with Inspire Brands, Inc. The company will acquire Oklahoma City-based Sonic for $43.50 per share in cash in a deal that assumes Sonic's net debt.
The deal was unanimously approved by Sonic's Board of Directors.
Inspire owns more than 4,700 Arby's, Buffalo Wild Wings and Rusty Taco locations across the world. Inspire's CEO Paul Brown said that Sonic is a perfect fit for the company.
“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." Brown said. “We’re excited to build on Sonic’s momentum as we leverage our combined expertise and capabilities to better serve guests, further support team members and franchisees and drive long-term growth.”
Sonic will be a privately-held subsidiary of Inspire and will continue to operate as an independent brand. The Associated Press reports that Inspire, an Atlanta-based company, was formed earlier this year when Arby's acquired Buffalo Wild Wings.