Subway, a family-owned business of nearly 60 years that has other sandwich shops in its portfolio, has been acquired by private equity firm Roark Capital.
The sandwich company announced in a press release Thursday that it had received an offer from Roark. The Wall Street Journal reported that Roark offered $9.6 billion for the sale, which originally was listed for $10 billion back in February.
Subway must meet cash flow milestones within two or more years after the deal is finalized to pay the entire $8.95 billion deal price, according to Reuters. The deal does not include the earn-out.
