The Wendy’s Company will sell its 12.3 percent ownership interest.
The Wendy’s Company will sell its ownership interest in Inspire Brands back to the company for $450 million, according to a press release.
Inspire Brands is the owner of Arby’s, Buffalo Wild Wings and R Taco, which are all franchise chains.
The Wendy’s Company had a 12.3 percent ownership interest in Inspire Brands.
"We have benefited from and enjoyed our partnership with Inspire, and we wish Paul Brown and the team continued success in the future," Wendy's President and Chief Executive Officer Todd Penegor said in the press release. "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."
Read the full press release.