Subway, the world’s largest sandwich chain, has completed its $9.6b (£7.7b) sale to a US private equity firm.
Roark Capital, which is also behind the Baskin Robbins, Dunkin’ and Arby’s restaurant brands, has taken control of the business following months of delays to the deal.
The sale was first announced last August but took longer than expected to clear. In November, Politico reported the US Federal Trade Commission (FTC) had opened an investigation into the deal amid concerns over Roark’s level of influence in the restaurant sector.
However, Subway announced this week the sale had now gone through.
"As we look to our future, our growth journey is far from over," said John Chidsey, chief executive of Subway.
"With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet."
There will be no anticipated changes to Subway’s leadership team, expansion plans or operations, the company said.
Subway is one of the world’s largest quick service restaurant brands and operates nearly 37,000 restaurants in over 100 countries and territories.
In March, the chain partnered with investment fund McWin, which also backs Big Mamma Group and Sticks ‘n’ Sushi, to open around 600 new restaurants in Europe over the next 10 years.
The sale to Roark ends more than 60 years of family ownership at Subway, which was founded by 17-year-old Fred DeLuca and his friend Peter Buck in Connecticut in 1965.
Originally named Pete’s Super Submarines, it settled on the Subway name in 1972.