Subway announced that its shareholders are exploring a possible sale of the company. There is no indication of timing or assurance that a sale will occur, the company clarifies, adding that it is carrying out this exploration process together with J.P. Morgan.

The process, which is in the early stages, is expected to attract potential corporate buyers and private-equity firms, and could value Subway at more than USD 10 billion, The Wall Street Journal reports.

The company will not be making any other public comments regarding the process until it has been completed.

“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 added in the announcement. The company ended 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth.

Subway has nearly 37,000 restaurants in over 100 countries, owned and operated by Subway franchisees.

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