Sept. 25, 2018

Sonic slushes will be joining the private equity umbrella of roast beef sandwiches and chicken wings.

Inspire Brands Inc., the parent company of Arby’s, plans to acquire Sonic Corp. in a $2.3 billion deal. Earlier this year, it acquired Buffalo Wild Wings in a $2.9 billion deal.

The boards of Inspire and Sonic have approved the merger agreement, which is a 19 percent premium to Sonic’s closing stock price Monday. The deal is expected to close by the end of the year following the approval of Sonic shareholders and regulatory approvals, according to a Sonic news release.

Inspire’s portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations worldwide.

Once the transaction is completed, Sonic will be a privately held subsidiary of Inspire and will continue to be operated as an independent brand. Ninety-five percent of the drive-in restaurants in the chain are owned by franchisees.

“As one of the largest owner-operators of company-owned and franchised restaurant brands, Inspire appreciates the unique culture of collaboration between Sonic and our franchisees,” said Cliff Hudson, Sonic CEO. “Sonic franchisees are engaged in planning regarding technology, new products and marketing programs, and the team at Inspire recognizes the central role our franchisees have played, and will continue to play, in Sonic’s success.”

Sonic has one restaurant in Sioux Falls. There are four Arby’s and three Buffalo Wild Wings restaurants.