Arby’s is buying Buffalo Wild Wings

Arby’s is buying Buffalo Wild Wings, the chain of sports bars, for $2.9 billion, completing a deal that was rumored for the last couple of weeks.

Under the all-cash deal, Arby’s is paying $157 per share for Buffalo Wild Wings, which represents a 7% premium based on Monday’s closing price.

Buffalo Wild Wings stock had fallen most of this year, but it made back most of its losses because of rumors about a deal with Arby’s. The stock rose again in premarket trading Tuesday on news of the purchase agreement.