Boston (eCanadaNow) - Triarc Companies Inc., the company who franchises the Arby's restaurants, has merged with Wendy's International Inc.

The deal is believed to be worth $2.3 billion and will create the third-largest fast-food restaurant chain in the U.S.

Total annual sales include $12.5 billion.

They will operate as two separate business units with Wendy's and Arby's staying different.

The deal has been approved by the boards of both companies.

Wendy's shareholders receive 4.25 shares of Triarc stock for each share of Wendy's stock they own.

Roland Smith, the CEO of Triarc, will stay in his role, and also become the CEO of Wendy's.