Buffalo Wild Wings, Inc. acquired by Arby's Restaurant Group, Inc.
Arby's Restaurant Group, Inc. acquired Buffalo Wild Wings, Inc., a US casual dining restaurants brand, on Feb 5, 2018.
Transaction summary
- Target
- Buffalo Wild Wings, Inc.
- Acquirer
- Arby's Restaurant Group, Inc.
- Seller
- -
- Announced
- 2017-11-28
- Geography
- United States
- Type
- Take Private
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-10-04
- Latest update
- 2026-10-04
Value and multiples
100% enterprise value
USD 2.9B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
1.4x
Period: FY 2017E
Basis: Derived from source data
EV / EBITDA
10.4x
EBITDA: normalised / adjusted
Basis: Derived from source data
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 2.5B
Closing filing reports approximately USD 2.5 billion aggregate consideration for all equity securities.
Basis
- The announced transaction value was approximately USD 2,900,000,000, including net debt, and is treated as estimated whole-company enterprise value. The closing filing reports approximately USD 2,500,000,000 of aggregate equity consideration. For fiscal 2017E, the proxy reports revenue of USD 2,072,000,000 and adjusted EBITDA of USD 279,000,000. EV/revenue of approximately 1.40x and EV/adjusted EBITDA of approximately 10.39x are derived from the approximate announced EV and those forecast metrics; they are not LTM multiples. Derived from approximate announced whole-company EV and FY 2017E forecast revenue and adjusted EBITDA; not LTM. Buffalo Wild Wings proxy forecasts FY 2017 revenue of USD 2,072,000,000 and adjusted EBITDA of USD 279,000,000. Multiples are derived using announced approximate EV.
Source summary
Arby's Restaurant Group, Inc. and Buffalo Wild Wings, Inc. Announce Definitive Merger Agreement
ConfirmedARG will acquire BWLD for $157 per share in cash, in a transaction valued at approximately $2.9 billion, including BWW’s net debt.
Open sourceBuffalo Wild Wings Definitive Proxy Statement
ConfirmedRevenue $ 2,072 $ 2,023 $ 1,950 $ 1,882 $ 1,861 Earnings before income tax $ 99 $ 104 $ 119 $ 147 $ 173 Net earnings including noncontrolling interests $ 71 $ 74 $ 79 $ 96 $ 111 EBITDA (1) $ 259 $ 266 $ 265 $ 277 $ 296 Adjusted EBITDA (1) $ 279 $ 274 $ 269 $ 281 $ 300
Open sourceBuffalo Wild Wings Form 8-K Reporting Merger Completion
ConfirmedThe aggregate consideration paid by Arby’s for all equity securities of BWW in connection with the Merger was approximately $2.5 billion
Open sourceContinue your research
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