Restaurants & Bars
Sonic acquired by Arby's parent company in $2.3 billion deal
Roark, parent company of Arby's, Rusty Taco and Buffalo Wild Wings will now own the Sonic burger chain.
Inspire Restaurants, the Atlanta-based parent company of Arby's, Rusty Taco and Buffalo Wild Wings is acquiring Oklahoma drive-thru chain Sonic in a deal valued at $2.3 billion, the companies announced on Tuesday. The deal is set to close by the end of 2018.
The deal will pay Sonic shareholders $43.50 per share in cash, a 19 percent premium on Sonic's Monday close. The company's stock rose more than 18 percent Tuesday, hitting an all-time high of $44.87 per share.
Sonic was founded in Shawnee, Oklahoma in 1953. The company operates more than 3,500 locations. Sonic's c0rporate office is located at 300, Johnny Bench Drive, Oklahoma City
Find out what's happening in Oklahoma Cityfor free with the latest updates from Patch.
Inspire Brands, formerly known as Arby's Resaurant Group, was formed in February 2018 after Arby's acquired Buffalo Wild Wings. With the addition of Sonic, the company will have more than 8,000 restaurant locations worldwide and combined system sales in excess of $12 billion.
Inspire is owned by the Roark Capital Group, an $11 billion dollar investment group also based in Atlanta. Other Roark entities include CKE Restaurants (Carls Jr., Green Burrito, Hardees), Jimmy John's, Corner Bakery, Cinnabon and Schlotzsky's.
