PHOTO: Subway
Subway has retained advisers to explore a sale that can value the sandwich chain at more than US$10 billion (NZ$16b), the Wall Street Journal reported, citing people familiar with the matter.
The process, which is in an early stage, is expected to attract potential corporate buyers and private-equity firms, the report said, adding though it is possible there won’t be a sale or other deal.
“As a privately held company, we don’t comment on ownership structure and business plans,” a company spokesperson told Reuters in an emailed statement.
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Subway, one of the world’s largest quick-service restaurant brand, has more than 37,000 restaurants in over 100 countries. The Milford, Connecticut-based company, known for its foot-long sandwiches and quick-service restaurants, has been owned by its two founding families for more than five decades.
There are more than 250 Subway franchises in New Zealand.
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In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.
– Reuters
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