Live news: Buyout firm Roark Capital to buy Subway sandwich chain for $9.6bn

Roark Capital is set to beat rival US buyout firms to acquire sandwich chain Subway for about $9.6bn, said two people briefed on the matter.

The secretive private equity group, which specialises in buying restaurants, had been competing for months with Sycamore Partners and TDR, among others, for the fast-food chain.

Subway’s board is expected to meet later this week to determine the auction winner, but Roark was the lead candidate as of Monday, said those informed about the talks.

Sycamore and TDR could make a comeback, one person added, though the likelihood of overtaking Roark was slim.

The Wall Street Journal first reported that Roark was nearing a deal.

Subway and Sycamore declined to comment. Roark did not immediately respond to a request for comment.

Additional reporting by Antoine Gara in New York.