MINNEAPOLIS - Arby's is buying Buffalo Wild Wings. In a news release issued Tuesday Arby's Restaurant Group will acquire Buffalo Wild Wings Incorporated for $157 per share, in a transaction valued at about $2.9 billion.

It is expected to close during the first quarter of next year. It has already been approved by both companies' Board of Directors.

Following the close of the transaction, Buffalo Wild Wings will be a privately held subsidiary of Arby's and will continue to operate as an independent brand.

Arby's was founded in 1964 and is the second-largest sandwich restaurant brand in the world with more than 3,300 restaurants in seven countries. They are headquartered in Atlanta.

Buffalo Wild Wings was founded in 1982 and is headquartered in Minneapolis. There are currently more than 1,250 Buffalo Wild Wings locations in 10 countries.