Aug 24 - 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.
The deal will make Roark Capital one of the largest restaurant operators in the world.
It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.
Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm.
The restaurant chain had then hoped to fetch more than $10 billion, owing to its strong brand and international business.
Persons:
Roark, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Deborah Sophia, Arun Koyyur
Organizations:
Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson
Locations:
U.S, North America, New York, Bengaluru