DUBLIN, OHIO — The Wendy's Co. said it will sell its 12.3 percent ownership interest in Inspire Brands Inc., the owner of Arby's, Buffalo Wild Wings and R Taco, back to the company for $450 million. The deal represents a 38 percent premium on Wendy’s previous valuation of the investment.

“We have benefited from and enjoyed our partnership with Inspire, and we wish Paul Brown and the team continued success in the future,” said Todd Penegor, president and CEO of Wendy’s. “The opportunity to monetize our investment in Inspire Brands will allow us to invest in future growth for the Wendy’s brand and company, which is our top priority.

“The flexibility provided by the sale proceeds and the additional share repurchase authorization through 2019 will also allow us to continue to create value for our shareholders.”

Earlier this year, Atlanta-based Inspire Brands was formed when Arby’s Restaurant Group Inc. acquired Buffalo Wild Wings Inc. for $2.9 billion. Inspire Brands has more than 4,600 company-owned and franchised restaurants in 15 countries with combined 2017 global system sales of more than $7.6 billion.