Subway On The Verge Of $9 Billion Acquisition Deal

Sandwich chain Subway is nearing a deal to be acquired for more than $9 billion. Bids were due on August 23 from potential buyers, including Roark Capital, and a consortium, including TDR Capital and Sycamore Partners. Subway has over 37,000 locations across more than 100 countries. The fast food chain hired JPMorgan in February to advise on a possible sale but said it remained committed to the future at that time. Subway was founded in 1965 in Connecticut and has grown significantly since then globally but has been focusing on overseas expansion in recent years.