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DUBLIN, OH-Triarc Cos., the firm that owns the Arby’s fast-food chain, is acquiring Wendy’s International in an all-stock deal. Wendy’s shareholders will receive 4.25 shares of Triarc class A common stock for each of their shares of common stock.

The combination will result in close to an 11,000-unit restaurant entity. Triarc’s Arby’s currently operates about 3,700 units, while Wendy’s has 6,600 locations.

The parties expect to close the deal during the second half of the year. After the merger, the two will form the country’s third-largest fast-food company, according to the press release.

Triarc will change its name to Wendy’s following the transaction. Wendy’s local headquarters here will remain, as will the Triarc’s current main office in Atlanta. Roland Smith, Triarc’s CEO, will retain his title and take on the same role for the Wendy’s chain.

The new entity will continue to expand in the US and internationally, and is also looking at acquisition opportunities, according to a company statement. It will also explore putting out duel-concept restaurants in “high-cost real estate markets.”

During its first quarter, Wendy’s reported a 0.1% same-restaurant sales dip in the US. The company posted income from continuing operations of $4.1 million, down from $14.5 million during the same year-ago period.

Meanwhile, Arby’s same-unit sales rose 3% during its most recent quarter, while total sales came in at $320.6 million, down $11.4 million from the same period a year ago.

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