Subway mulls selling business in deal that could be worth over £8bn
Family owners of sandwich giant Subway are considering a possible sale, in a deal that could be worth as much as £8bn.
In a statement, the American fast-food firm said “its shareholders are exploring a possible sale of the company” after 60 years of family ownership, but added there “is no indication of timing or assurance that a sale will occur.”
The firm said that J.P. Morgan is advising the company and will conduct the sale exploration process.
“The company does not intend to make any further public comment regarding the process until it has been completed,” the firm said in the statement.
According to the Wall Street Journal, a possible sale could be worth around $10bn (£8.2bn).
The firm recently announced a record year with global sales for 2022 exceeding projections, with eight consecutive quarters of sales growth.
Founded by Fred DeLuca and Peter Buck in 1965, Subway now has branches in 100 countries with 37,000 outlets.