Patrons cheering a sporting event at Buffalo Wild Wings (Photo: BUFFALO WILD WINGS).
Fast-food chain Arby's Restaurant Group said Tuesday it reached a deal to acquire Buffalo Wild Wings, which promotes the slogan "wings, beer, sports" in its advertisements, for $2.4 billion in cash.
The deal, which had been rumored for weeks, calls for Arby's to pay $157 per share in Buffalo Wild Wings stock.
Arby's Restaurant Group also will assume the debt of Buffalo Wild Wings.
"Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” Arby's CEO Paul Brown said in a statement.
Shares of Buffalo Wild Wings, known to many fans as BDubs, jumped 6.4% to $155.80 in morning trading. »