Arby’s is buying Buffalo Wild Wings in what some business leaders are calling a restaurant shakeup.
Arby’s Restaurant Group has announced a deal to buy Buffalo Wild Wings for $2.5 billion in cash. The sports bar chain has been battered by a sharp increase in the cost of chicken wings and the drop in casual dining in a resurgence of home cooking, according to USA Today.
Arby’s will pay $157 a share in Buffalo Wild Wings stock and will assume the company’s debt.
CNBC reports that burger chain Wendy’s will benefit, since it owns about 18 percent of Arby’s stock and may make up to $450 million on the acquisition deal.
Buffalo Wild Wings has 1,250 locations, including metro-east restaurants in Edwardsville, Belleville and O’Fallon. Arby’s has 3,300 locations, including locations in Belleville, Shiloh, Collinsville, Edwardsville, Troy, Granite City, and Waterloo.