Sandwich 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.
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