The owner of Arby’s will reportedly buy Buffalo Wild Wings for $2.9 billion

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Roark Capital Group, which owns Arby’s and Cinnabon, has agreed to buy Buffalo Wild Wings for about $2.9 billion.

The firm will pay $157 a share in cash for Buffalo Wild Wings, which is 34% above the company’s closing stock price on November 13, the day before Roark’s initial bid of $150 a share. The offer includes Buffalo Wild Wings’ net debt.

After the deal is completed, Buffalo Wild Wings will operate as a privately-held subsidiary of Arby’s Restaurant Group, with Arby’s chief executive officer Paul Brown holding that same role in the parent company, according to a release.

“Buffalo Wild Wings is one of the most distinctive and successful entertainment and casual dining restaurant companies in America,” said Brown in a statement. “We look forward to leveraging the combined strengths of both organizations into a truly differentiated and transformative multi-brand restaurant company.”