Inspire Brands, which owns restaurants such as Buffalo Wild Wings and Arby's, has reached a deal to acquire Sonic Corp. (SONC) , the iconic drive-in restaurant chain.
Inspire will pay around $43 a share, or $2.3 billion total, for the chain. The amount includes Sonic's debt.
"The agreement, which has been unanimously approved by Sonic's Board of Directors, represents a premium of approximately 19% per share to Sonic's closing stock price on September 24, 2018 and a premium of approximately 21% to Sonic's 30-day volume-weighted average price," said a press release issued by the companies.
Inspire's last big acquisition was Buffalo Wild Wings back in November 2017. The company also owns Rusty Taco restaurants.
"Sonic is a highly differentiated brand and is an ideal fit for the Inspire family," said Paul Brown, CEO of Inspire Brands. "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."
Shares of Sonic soared 18% to $43.51 a share on Tuesday.
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