Arby's buys Buffalo Wild Wings for almost $3 billion

Arby's buys Buffalo Wild Wings for almost $3 billion
Posted at 1:31 PM, Nov 28, 2017
and last updated 2017-11-28 08:45:46-05

 (RNN) – Arby’s is buying sports bar chain Buffalo Wild Wings in a deal valued at $2.9 billion, the company announced Tuesday.

Arby’s Restaurant Group paid $2.4 billion in cash, and with taking over Buffalo Wild Wings’ debt, the price climbs to about $2.9 billion, USA Today reported.

B-Dubs, as it is known to fans, built a reputation by serving hot chicken wings, cold beer and offering multiple giant TV screens featuring sporting events. But the chain has suffered with a trend away from casual dining, competition from other restaurants and an increase in the cost of chicken wings, CNN Money reported.

Arby’s paid $157 per share for Buffalo Wild Wings stock, a 7 percent jump in valuation, though the stock had risen the past few weeks as rumors of the sale began to swirl.

Copyright 2017 Raycom News Network. All rights reserved.