Shearman & Sterling is advising Sonic Corp. on its sale to Inspire Brands. The transaction is valued at approximately $2.3 billion and is subject to the satisfaction of customary closing conditions.

Sonic, America's Drive-In, headquartered in Oklahoma City, is the nation's largest drive-in restaurant chain serving approximately three million customers every day.  Ninety-five percent of Sonic’s more than 3,600 drive-ins are owned by local business men and women.

Inspire is a multi-brand restaurant company whose portfolio includes more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco locations worldwide.