ubway said Thursday that the sandwich chain will be sold to private equity firm Roark Capital.
Terms of the deal weren't disclosed. Earlier this week, however, The Wall Street Journal reported that Roark was offering around $9.6 billion for Subway outbidding rival buyout firms TDR Capital and Sycamore.
"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," Subway CEO John Chidsey said in a statement.
Peter Buck, a nuclear physicist, and Fred DeLuca, co-founded the first Subway restaurant, then called "Pete's Super Submarines," in Bridgeport, Connecticut, in 1965. The eatery changed its name to Subway in 1968. DeLuca died in 2015, and Buck died in 2021
https://www.cbsnews.com/news/subway-sale-roark-capital-arbys-dunkin-sonic/