Wendy's/Arby's Group Inc (WEN.N) said it would sell most of struggling roast beef sandwich chain Arby's Restaurant Group Inc to private equity firm Roark Capital Group for about $130 million in cash. Roark, whose portfolio already includes the Auntie Anne's, Carvel Ice Cream and Cinnabon chains, will also assume about $190 million in Arby's debt. Wendy's/Arby's will retain an 18.5 percent stake valued at about $30 million and get an income tax benefit of about $80 million that it expects to realize over the next few years. In January, the company announced plans to sell Arby's and focus on the Wendy's hamburger business.
Wendy's/Arby's Group, Inc. is the parent company of its wholly owned subsidiary holding company, Wendy's/Arby's Restaurants, LLC (Wendy's/Arby's Restaurants). Shares of WEN traded higher by 6.08% or $0.275/share to $4.80. In the past year, the shares have traded as low as $3.83 and as high as $5.22. On average, 4802320 shares of WEN exchange hands on a given day and today's volume is recorded at 3216032.
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