After it was initially reported that the 58-year-old company is exploring a sale, representatives from Subway confirm the news in an official press release.

Subway—the American fast-food restaurant franchise best known for its submarine sandwiches and frequent appearances in Korean dramas—has announced that will be putting itself up for sale. What’s more, the company has hired J.P. Morgan to conduct the whole process. 

“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’s official press release says. 

While the announcement does not mention how much Subway is worth, a report by CNN notes that the fast food chain can be worth more than $10 billion or approximately PHP 551.58 billion. Subway’s announcement likewise says the company will make no further comment until the process has been completed. 

One of the Biggest Deals in the Fast Food Industry

CNN’s report states that “If reached, it would be one of the biggest deals in the fast food industry since Inspire Brands bought Dunkin’ for $11.3 billion in October 2020.”

Other big deals involving fast food chains include the acquisition of the Canadian doughnut and coffee chain Tim Hortons by Burger King in 2014 for $11.4 billion or approximately PHP 501.6 billion (average 2014 exchange rate at $1 = PHP 44). Meanwhile, Burger King Holdings itself was sold in 2010 for $3.87 billion or approximately PHP 174.15 billion (average 2010 exchange rate at $1 = PHP 45)

A Record-Setting Year for Subway

The announcement came at an opportune time, as 2023 is poised to be a good year for the food industry as a whole.

News of Subway’s decision to sell itself came just days after the company declared that it “completed another record-setting year as a result of its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience.” 

According to Subway’s press release, “The company ended 2022 exceeding global sales projections and achieving eight consecutive quarters of positive sales.” 

As part of the year’s global results, Subway saw a 9.2% increase in same-store sales compared to 2021. Furthermore, 2022’s same-store sales are a 29.1% increase from 2020, the year that the COVID-19 pandemic broke out and greatly impacted the food industry. 

Subway also saw double-digit growth in digital sales globally in comparison to 2021 numbers. The number has more than tripled the digital sales of 2019. This, paired with the opportunities in the food industry, make the purchase of Subway a worthy investment, should anyone choose to.