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.
"Roark brings more to the table than other investors would have," said Neil Saunders, managing director of GlobalData.
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