In­spire com­pletes ac­qui­si­tion of OKC-based Sonic Corp.

MAR­KET WATCH

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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.

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