Subway on the Verge of $9.6 Billion Sale to Arby's Owner

Sandwich chain Subway is reportedly close to finalizing a deal to sell to Roark Capital, the parent company of Arby's, for around $9.6 billion. Roark has pulled ahead of rival suitors TDR and Sycamore in the bidding war. Subway, which has more than 37,000 restaurants worldwide, announced in February that it would be pursuing a sale as part of its efforts to revamp its operations and address declining profits. JPMorgan Chase & Co. is Subway's financial adviser in the sale process.