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French fries and a burger from a Sonic restaurant. Photo: Francis Dean/Corbis via Getty Images
Fast food chain Sonic Corp. will be acquired by Inspire Brands, the parent company of Arby’s and Buffalo Wild Wings, in a deal worth $2.3 billion. Inspire Brands is partially owned by private equity firm Roark Capital.
Why it matters: Sonic is the latest restaurant to go private, following more intense competition in the fast food arena. The company has banked on drive-in nostalgia, but its shares have underperformed burger competitors like McDonald‘s and Red Robin.