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Sonic Drive-In's new Pickle Juice Slush is already receiving mixed reviews on social media.
USA TODAY & # 39; HUI
Sonic shares jumped on Tuesday after the announcement of the hamburger chain acquisition by Inspire Brands.(Photo: Mike Mozart / Flickr)
The company behind Arby will buy the Burger Sonic restaurant chain in an agreement announced Tuesday.
Inspire Brands, which bought Buffalo Wild Wings last year, will acquire Sonic for $ 2.3 billion, including debt, the company said in a statement.
The purchase adds to the Inspire's collection of restaurants that includes, besides Arby's and Buffalo Wild Wings, the Mexican food chain Rusty Taco.
The purchase of Sonic fits into Inspire's overall strategy to acquire distinct and dissimilar brands. Known for hamburgers, hot dogs and specialty drinks, Sonic brings focus not present at Arby or Rusty Taco while operating outside the fast-paced, fast-paced realm where Buffalo Wild Wings exists.
The title of Sonic increased by more than 18% Tuesday, CNBC reported its record high at $ 44.87 per share.
According to Fortune, Sonic's sales amounted to $ 4.4 billion last year, topping well-known brands including Dairy Queen, Five Guys and Hardee, citing Nation & # 39; statistics. s Restaurant News, a magazine of the sector.
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"Sonic is a highly differentiated brand and is ideally suited for the Inspire family," said Paul Brown, CEO of Inspire, in a statement, calling Sonic "one of the most distinctive restaurant brands in the industry."
Sonic will continue to operate independently after the sale of its Oklahoma City headquarters, according to Business Insider.
Sonic's shareholders will receive $ 43.50 per share in cash, Inspire said in its release, a premium of about 19% over the chain's closing price on Monday.
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Follow Josh Hafner on Twitter: @joshhafner
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