ATLANTA ( TheStreet) -- Wendy's/Arby's Group ( WEN - Get Report) reached a deal to sell Arby's Restaurant Group for $430 million to a buyer formed by Roark Capital Group.

In a statement Monday, Wendy's/Arby's said it would retain an 18.5% ownership interest in the Arby's business.

Wendy's/Arby's previously had said it was exploring alternatives for Arby's.

The deal is expected to close in the third quarter.

-- Written by Joseph Woelfel

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