(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.
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