Inspire Brands Acquires Sonic

Inspire Brands announced on Tuesday that it has closed a deal with Sonic Corp. to acquire the franchise brand for $2.3 billion.

According to QSR Magazine, the deal works out to $43.50 per share in cash, representing a premium of roughly 19 percent compared to the brand’s closing stock price on Monday.

Inspire Brands, which was formed just this year to accommodate Arby’s $2.9 acquisition of Buffalo Wild Wings, owns both those brands as well as fast-casual franchise Rusty Taco. Under the new ownership, Inspire Brands says Sonic will continue to operate as an independent brand with the same management team.

“Sonic is a highly differentiated brand and is an ideal fit for the Inspire family,” said Paul Brown, Chief Executive Officer of Inspire Brands, in a statement. “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.”