Asset management firm Blackstone will become the majority owner of sandwich chain Jersey Mike’s in a deal that values the company at a reported $8 billion.

Jersey Mike's, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone. The transaction is "intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.

Jersey Mike's founder and CEO Peter Cancro has gone from a teenager slinging subs to one of the world's 400 richest people after selling to Blackstone.

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,

The New Jersey-based sub giant, reportedly valued at $8 billion, aims to grow beyond 3,000 locations in the U.S.

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.

Blackstone will acquire a majority stake in Jersey Mike's Subs, the sandwich chain said on Tuesday, marking the private equity firm's latest investment in a franchise business. Reuters had reported on Monday,