Arby's Buying Buffalo Wild Wings in Deal Valued at $2.4 Billion - NBC Connecticut
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Arby's Buying Buffalo Wild Wings in Deal Valued at $2.4 Billion

If the deal closes, Buffalo Wild Wing will continue to operate as an independent brand

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    Smith Collection/Gado/Getty Images, File
    This July 12, 2017, file photo shows a brick structure with the logo for the Buffalo Wild Wings restaurant chain in downtown San Ramon, California.

    Arby's is buying casual dining chain Buffalo Wild Wings in a deal worth about $2.4 billion.

    Arby's Restaurant Group Inc. said Tuesday that it will pay $157 per share. That's a 7 percent premium to Buffalo Wild Wings Inc.'s Monday closing price of $146.40.

    The companies put the transaction's value at $2.9 billion, including debt. Once the deal closes Buffalo Wild Wing will become a privately held subsidiary of Arby's and will continue to operate as an independent brand.

    The deal is expected to close in 2018's first quarter. It still needs the approval of Buffalo Wild Wings shareholders.

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    Shares of Buffalo Wild Wings jumped more than 6 percent in premarket trading.