Blackstone has agreed to buy Jersey Mike's Subs, the sandwich chain said on Tuesday, in a deal that a source said valued the company at around $8 billion including debt. Reuters had reported on Monday,

Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone in a deal valued at $8 billion.

Blackstone Inc. is close to an agreement to acquire sandwich chain Jersey Mike’s for about $8 billion including debt, according to a person familiar with the matter.

Jersey Mike’s Subs is selling a significant stake to private equity giant Blackstone, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched competitors like Subway.

Private equity firm Blackstone will acquire a majority stake in Jersey Mike's Subs, the sandwich chain said on Tuesday. Reuters had reported on Monday that Blackstone was nearing a deal for Jersey Mike's at around $8 billion,

Buyout firm Blackstone is nearing a deal for Jersey Mike's Subs that would value the U.S. sandwich chain at around $8 billion, including debt, and could be announced as early as this week, a person familiar with the matter told Reuters on Monday.