Arby's parent company is buying Sonic for $2.3 billion

Hollis Johnson/Business Insider

Sonic.

Arby's parent company, Inspire Brands, is acquiring burger chain Sonic.

On Tuesday, Inspire Brands announced that it is buying the burger brand for $2.3 billion, at $43.50 per share.

Inspire Brands was formed by Arby's earlier this year following the acquisition of Buffalo Wild Wings.

This story is developing.