ATLANTA—Arby's Restaurant Group, majority owned by Roark Capital, will acquire casual dining chain Buffalo Wild Wings Inc. for $157 per share, the two companies said Tuesday. The merger deal is valued at $2.9 billion including the assumption of debt, and represents a 38% premium on the 30-day average stock price of BWW shares as of Nov. 13, the last trading day prior to media reports about a potential sale.

The privatization of BWW comes after a year-long campaign by activist investor Marcato Capital Management, which earlier this year won a proxy battle in a move to pressure the dining chain to improve operations. Marcato, which controls 6.4% of BWW's stock, has agreed to vote in favor of the merger.

“We are confident that the strength of our two industry-leading brands, under the sponsorship of Roark Capital—an experienced restaurant and food service investor—will enable us to capitalize on significant growth opportunities in the years ahead,” says BWW CEO Sally Smith. The longtime CEO announced this past spring that she would retire either by the end of this year or when a successor was found.