REUTERS: Arby's-owner Inspire Brands Inc said on Tuesday it would buy Sonic Corp for about US$1.57 billion in cash, adding more than 3,600 drive-in restaurants to its portfolio that includes brands such as Buffalo Wild Wings and Rusty Taco. Sonic Corp. ("Sonicâ) (NASDAQ: SONC) and Inspire Brands, Inc. ("Inspireâ) today announced that they have entered into a definitive merger agreement under which Inspire will acquire Sonic for $43.50 per share in cash in a transaction valued at approximately $2.3 billion including the assumption of Sonicâs net debt. Beyond just owning Arby’s and Buffalo Wild Wings, Inspire has been building its investments into the industry, gathering up interests in Auntie Anne’s, Carvel, and Jimmy John’s to get a strong footprint in the industry.
Inspire Brands announces its purchase of fast food chain Sonic Drive-In for US$2.3 billion.