SQUARE burger chain Wendy’s is to be sold to the investment arm of millionaire businessman Nelson Peltz.
The deal, said to be worth £1.18 billion, will bring to Triarc, the puchaser’s company, a total of around 10,000 restaurants.
Wendy’s is to be merged the Arby’s restaurant chain in a business move designed to cut costs, although the two will remain separate brands.
The deal should be completed in the latter half of this year, with Triarc’s chief executive Roland Smith heading up Wendy’s.
The new company will focus on global growth and expanding its breakfast offering.
The American burger chain was offered for sale last June following pressure from Peltz, who held a 10% share in the group.
The announcement came as Wendy’s reported a 72% fall in first quarter profits. The chain suffered from tough competition from rivals McDonald’s and Burger King, and struggled to regain market share from its rivals.