Subway is considering to sell its company, according to Reuters, quoting a source, a day after the Wall Street Journal reported the sandwich chain might get more than $10 billion.
The process is at an early stage and is anticipated to draw potential corporate bidders and private equity groups, according to the Wall Street Journal report, which also noted Subway might not go through the sale or strike any other deal.
Watch | World Business Watch: Global sandwich chain Subway heading for sale
In an emailed statement, “as a privately held company, we don’t comment on ownership structure and business plans,” a Subway spokesperson told Reuters.
Subway, One of the biggest quick-service restaurant brands in the world, operates more than 37,000 restaurants in over 100 countries.
The two founding generations of the business, situated in Milford, Connecticut and famous for its foot-long sandwiches, have owned it for over 50 years.
According to media reports from 2021, Subway was tidying itself in preparation for a sale, but the restaurant business had refuted those claims.