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Sandwich shop chain Potbelly will be acquired by convenience store operator RaceTrac in a $566 million all-cash deal, Potbelly announced Wednesday.

The deal is expected to close in the fourth quarter of the year. Shares of Potbelly shot up more than 30% following the announcement.

The Chicago-based Potbelly has more than 445 stores in the U.S., including franchised locations, with a goal of reaching 2,000, according to the company. RaceTrac, a family owned company headquartered in Atlanta, operates more than 800 convenience stores across 14 states.

"RaceTrac's strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes,

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