Arby's is buying casual dining chain Buffalo Wild Wings in a deal worth about $2.4 billion.
Arby's Restaurant Group Inc. said Tuesday that it will pay $157 per share. That's a 7 percent premium to Buffalo Wild Wings Inc.'s Monday closing price of $146.40.
The companies put the transaction's value at $2.9 billion, including debt. Once the deal closes Buffalo Wild Wing will become a privately held subsidiary of Arby's and will continue to operate as an independent brand.
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The deal is expected to close in 2018's first quarter. It still needs the approval of Buffalo Wild Wings shareholders.
Shares of Buffalo Wild Wings jumped more than 6 percent in premarket trading.