TDR Capital & Sycamore Partners have brought in the asset management arm of Goldman Sachs Group Inc.’ and their wealth fund while making their last ditch effort to beat out the frontrunner Roark Capital Group while bidding sandwich chain Subway, as it comes from someone familiar with the current matter.
Both the parties, Roark and TDR led group, submitted their final bidding as they moved to a decision-making phase, according to the people. Learning the identity of the sovereign wealth fund was still impossible. In this situation, it can take advice from the private wealth advisory.
Learning the identity of the sovereign wealth fund was still impossible.
Roark is still considered the frontrunner to win the bidding for the Subway for more than $9 billion, according to some people. But the people said the rival consortium is still putting effort into claiming the bidding.
The firm has a slew of financing banks lining up for funding of around $5 billion, and the rest in equity, and they are trying to negotiate an agreement for purchase, according to some people.
The Wall Street Journal also added yesterday that the Roark Capital Group was initially in talks to acquire Subway for $9.6 billion and is looking to finalize their sales the current week, also, according to Axios’s report that the founding family is yet to find a buyer.
But, currently, the situation remains undecided whether Goldman or Roark is going to acquire Subway. When asked, Subway representatives or representatives from Goldman, Sycamore, and TDR denied putting any comment. Also, a Roark Representative also did not immediately comment when asked.
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