In a major milestone in Subway's multi-year transformation, Subway last week announced that it has entered into a definitive agreement to be acquired by affiliates of Roark Capital.
The transaction combines Subway's global presence and brand strength with Roark's expertise in restaurant and franchise business models, according to a release.
Terms of the deal weren't disclosed. The sale ends the nearly six-decade run as a family-owned business. The Wall Street Journal reported the purchase price was "around $9.6 billion," which would be slightly below the chain's $10 billion asking price.
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