Subway Exploring a Sale at $10+ Billion Valuation

Subway Exploring a Sale at $10+ Billion Valuation

THE SIGNAL

In this photo illustration, a Subway sandwich is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas.Brandon Bell | Getty ImagesSandwich giant Subway confirmed Tuesday it is exploring a possible sale.A deal could value the chain at more than $10 billion, according to an article last month from The Wall Street Journal, which first reported the company had hired advisors to explore a sale.Subway said Tuesday that JPMorgan is advising the Connecticut-based company and will conduct the sale exploration process. The company didn’t outline any timing and cautioned the process may not result in a sale.“The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience,” Subway said in the release.Subway, which has over 37,000 restaurants in more than 100 countries, said earlier this month its same-store sales climbed 9.2% last year. Same-store sales at North American locations jumped 7.8% in 2022, Subway said, surpassing decade-old average weekly sales records.Subway is not required to disclose its financial results as it is privately owned, but has recently shared sales updates as it undergoes a turnaround effort.The company has reported eight consecutive quarters of sales growth, it said in a release earlier this month. Digital sales have more than …

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