Arby's Owner Set to Purchase Sonic

OKLAHOMA CITY, OK-- Sonic Drive-In is set to be sold for approximately $2.3 billion according to multiple reports.

Inspire Brands, Inc., who owns chunks of Arby's and Buffalo Wild Wings made the acquisition which was announced on Tuesday. Sonic's Board of Directors unanimously approved the deal.

The two companies entered into a merger agreement where Inspire will acquire Sonic for $43.50 per share in cash. That deal will also assume Sonic's debt.

“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." Inspire's CEO Paul 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 now and the Oklahoma City-based company will keep its headquarters in Oklahoma.