Subway, one of the world’s largest restaurant brands, said in a statement that its shareholders are exploring a possible sale.
The announcement confirms earlier reports that the Milford, Connecticut-based company is shopping itself to potential suitors. Bloomberg News reported last month that a deal could value the closely held company at more than US$10 billion.
JPMorgan Chase & Co. is advising Subway in the process. The company, which has about 37,000 franchise-run locations in more than 100 countries, said that 2022 was a “record-setting year” and it had posted eight consecutive quarters of positive same-store sales growth.
Source: Financial Post