Roark Capital Reaches Deal to Buy Sandwich Chain Subway (1)

Roark Capital Group has won the race to acquire US sandwich chain Subway after seeing off a late challenge from a rival bid group led by TDR Capital and Sycamore Partners.

The private equity firm has entered into a definitive agreement to buy Subway, according to a statement on Thursday. Financial details were not disclosed. Bloomberg News reported earlier today that Roark was putting the final touches on its takeover of the company.

The deal is valued at roughly $9.55 billion, people with knowledge of the matter said, asking not to be identified discussing confidential information. Roark will pay ...