Roark Capital Group has entered into a definitive agreement to acquire US sandwich chain Subway.
The deal is valued at approximately $9.55 billion, with $9 billion paid upfront and the rest in future earnout payments.
Roark beat competition from a rival bid group led by TDR Capital and Sycamore Partners.
Several banks including Morgan Stanley and Barclays are providing financing of around $5 billion for the deal.
Subway is the largest restaurant chain in the US with about 37,000 franchise-run locations worldwide.
The deal is valued at approximately $9.55 billion, with $9 billion paid upfront and the rest in future earnout payments.
Roark beat competition from a rival bid group led by TDR Capital and Sycamore Partners.
Several banks including Morgan Stanley and Barclays are providing financing of around $5 billion for the deal.
Subway is the largest restaurant chain in the US with about 37,000 franchise-run locations worldwide.
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