Inspire completes acquisition of OKC-based Sonic Corp.
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OKLAHOMA CITY — Atlanta-based Inspire Brands Inc. completed its $2.3 billion acquisition of Oklahoma Citybased Sonic Corp. on Friday. Sonic is the latest addition to the Inspire portfolio, which already includes Arby's, Buffalo Wild Wings and Rusty Taco.
The acquisition was announced in September. Headquarters for the drive-in chain will remain in Oklahoma City's Bricktown district, the companies have said.
Leadership within the company is changing as longtime Sonic CEO Cliff Hudson will pass the title along to Claudia San Pedro, who has worked as Sonic president since January. San Pedro will report to Inspire CEO Paul Brown, and Hudson will stay with Sonic as senior advisor until March.
The merger agreement between Sonic and privatelyheld Inspire Brands Inc. offers $43.50 per share in cash for each Sonic share. The acquisition also includes the assumption of Sonic's net debt.