Private Equity Firms Reportedly in Talks for Joint Bid to Acquire Subway

Private equity firms TDR Capital and Sycamore Partners are in talks to team up in their pursuit to acquire sandwich restaurant chain Subway, people familiar with the matter said on Thursday.

Subway expects to fetch well over $9 billion in a deal, and it remains uncertain whether TDR and Sycamore can meet its price expectations, the sources said. Another group led by Roark Capital remains in the running, the sources added.

The bidders are continuing to carry out due diligence, and Subway may wrap up the sale process by the end of the month, one of the sources said.

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