Dublin, Ohio — The Wendy's Company has accepted an offer from Inspire Brands (owner of Arby's®, Buffalo Wild Wings® and R Taco®) to sell its 12.3% ownership interest in the company back to Inspire Brands for $450 million. The agreement was approved by The Wendy's Company board of directors.
"The sale of our stake in Inspire Brands for $450 million is a great return on this investment for our shareholders," says Nelson Peltz, chairman of the board of directors. "Over the past 7 years, Wendy's and its shareholders have benefitted from more than $100 million in distributions and the monetization of this investment carries a 38% premium over its most recent valuation."
"We have benefited from and enjoyed our partnership with Inspire, and we wish Paul Brown and the team continued success in the future," says Todd Penegor, Wendy's president and CEO. "The opportunity to monetize our investment in Inspire Brands will allow us to invest in future growth for the Wendy's brand and company, which is our top priority. The flexibility provided by the sale proceeds and the additional share repurchase authorization through 2019 will also allow us to continue to create value for our shareholders."
The transaction closed on August 16, 2018.
Wendy's® was founded in 1969 by Dave Thomas in Columbus, Ohio. Today, Wendy's and its franchisees operate more than 6,600 restaurants worldwide. For more information, visit www.wendys.com.
SOURCE: The Wendy's Company