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Sonic Fast-Food Chain Taken Private in $2.3B Deal
Sonic Corp., the fast-food drive-in chain founded in 1953, is being acquired by Inspire Brands for $2.3 billion including the assumption of debt, the two companies said Tuesday. The all-cash privatization deal is valued at $43.50 per share, a 19% premium on Sonic’s closing share price Monday afternoon.
Headquartered in Atlanta, Inspire is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations worldwide. Following completion of the merger deal, Sonic will be a privately-held subsidiary of Inspire, and will continue to be operated as an independent brand.
“Sonic is a highly-differentiated brand and is an ideal fit for the Inspire family,” said Inspire CEO Paul Brown. “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.” Ninety-five percent of Oklahoma City-based Sonic’s 3,600-plus locations are franchises.
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- ◦Sale/Acquisition
