The Subway sandwich chain is on the verge of a deal valued at over $9 billion, and an announcement could be made as early as Wednesday, according to an individual familiar with the situation.

Competing bids for the sandwich chain were required by Tuesday. These bids came from Roark Capital and a consortium consisting of private equity firms TDR and Sycamore, NDTV reported.

The victor in this endeavor is anticipated to be the highest bidder, with the agreement being an all-cash transaction.

Originally established in 1965 as a shop specializing in Italian-style submarine sandwiches, Subway currently boasts a presence of almost 37,000 restaurants spread across over 100 countries.

Written by staff