The Subway sandwich chain has announced that it has reached a deal to be acquired by Roark Capital, a private equity firm active in the restaurant and prepared foods sectors.
Subway, which has nearly 37,000 restaurants in more than 100 countries, said the deal would combine the chain's "global presence and brand strength with Roark's deep expertise in restaurant and franchise business models," according to a press release.
Financial terms were not disclosed, but the value of the deal was expected to be over $9 billion, a person familiar with the matter told AFP this week.
The Wall Street Journal previously reported that a Roark offer of $9.6 billion had led a competitive auction.
That value would make the Subway deal the third biggest US acquisition in the restaurant business, with the biggest being Burger King's 2014 acquisition of Tim Hortons for $11.4 billion.
Atlanta-based Roark already owns many brands including Buffalo Wild Wings, Baskin-Robbins and Seattle's Best Coffee, as well as other assets including Orange Theory gyms.
