Subway Agrees to Sell Itself to Roark Capital in Deal Worth Over $9 Billion

Subway has agreed to sell itself to private equity firm Roark Capital in a deal valuing the sandwich chain at more than $9 billion, sources said, ending a long-drawn auction that saw several bids from buyout firms.

Roark beat out a late challenge from a rival bidding group led by TDR Capital and Sycamore Partners, which also submitted a final bid of more than $9 billion, according to people familiar with the matter.

Subway, which has roughly 37,000 restaurants in more than 100 countries, did not disclose the terms of the deal on Thursday.

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