The deal is expected to close during the fourth quarter, subject to customary closing conditions.
Baja Fresh operates about 300 fresh Mexican restaurants in the U.S.
The group purchasing Baja Fresh is a consortium of investment groups led by David Kim. Wendy's said the group has several national brands including Sweet Factory, Cinnabon, KaBloom and Denny's.
"This transaction, as well as our September 29th spin-off of Tim Hortons, will allow us to sharpen our focus on the Wendy's brand," said Kerrii Anderson, Wendy's interim chief executive. "We wish all the best to the employees and franchisees of Baja Fresh."