THREE of the world's biggest private equity firms are plotting a takeover bid on one of the largest fast-food chains.
Advent International, Bain Capital and TPG are exploring the possibility of a joint bid to buy Subway, according to Sky News.
It comes after The Sun revealed that Asda's billionaire Issa brothers were plotting a £8billion takeover of the fast food giant last month.
Blackburn-born Mohsin, 51, and Zuber, 50 — who own Asda — are understood to be eyeing up the 44,000-restaurant chain.
Their EG Group, a subsidiary of TDR Capital, already has a Subway at some of its more than 6,300 petrol stations across the globe — including at the 340 filling stations in the UK.
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It is thought the brothers believe US firm Subway would be an ideal fit for their growing empire.
While bidders have been banned from joining forces, three private equity firms are now planning to do so to bring in enough capital for a potential takeover bid.
The shareholders of the sandwich chain, which has 2,273 locations in the UK, first started exploring the possibility of a sale back in February.
In a statement, the firm said: "There is no indication of timing or assurance that a sale will occur.
"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.
"The company recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth."
It came as the company closed more than 1,000 sites worldwide since 2021.
JP Morgan was instructed to oversee the sale and bankers expect the chain to fetch a valuation of between £6.6billion and £8.3billion.
Subway restaurants are owned and operated by Subway franchisees in over 100 countries with nearly 37,000 locations.
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The chain has 2,273 branches in England, Northern Ireland, Scotland and Wales.
It's not yet confirmed what would happen to branches if a sale is agreed upon.
EG Group and the three private equity firms declined to comment on any Subway talks.
