Subway explores sale that could value it at over $10 billion

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Subway has retained advisers to explore a sale that can value the sandwich chain at more than $10 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The process, which is in an early stage, is expected to attract potential corporate buyers and private-equity firms, the report said, adding though it is possible there won't be a sale or other deal.

"As a privately held company, we don't comment on ownership structure and business plans," a company spokesperson told Reuters in an emailed statement.

Subway, one of the world's largest quick-service restaurant brand, has more than 37,000 restaurants in over 100 countries. The Milford, Conn.-based company, known for its foot-long sandwiches and quick-service restaurants, has been owned by its two founding families for more than five decades.

In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.