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Fast food chain Subway has entered into a definitive agreement to be acquired by Roark Capital, a private equity firm boasting $37 billion in managed assets. Some sources have revealed that the deal amounted to a substantial $9.55 billion in total value. This transaction signifies a huge milestone in Subway's progression and evolution. It brings together the global footprint and brand strength of the chain, with Roark's proficiency in restaurant operations and franchise frameworks. Roark's primary focus is on investments within consumer and business service sectors, particularly in franchises and franchise-like models. "This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said John Chidsey, CEO of Subway. "Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees." This acquisition follows Subway's recent declaration of achieving its tenth consecutive quarter of favourable same-store sales. The chain says it will continue to implement its strategy, prioritising sales expansion, improving menu offerings, modernising its eateries, enhancing the overall guest experience and furthering its global reach. Subway has enlisted J.P. Morgan as its financial advisor, while Sullivan & Cromwell LLP is providing legal counsel. Timing is subject to regulatory approvals and customary closing conditions.