Tues. 1:15 p.m.: Arby’s to buy Buffalo Wild Wings in $2.4B deal

Staff, wire

NILES – Arby’s has announced plans to buy casual dining chain Buffalo Wild Wings in a deal worth about $2.4 billion.

Atlanta-based Arby’s Restaurant Group Inc., owned by Roark Capital Group, said today 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.

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

Buffalo Wild Wings has locations in Niles, Austintown and Boardman.

The original Arby’s was opened in Boardman in 1964 by the Raffel Brothers, or R.B.’s. – Forrest and Leroy Raffel, of New Castle, Pa.