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,

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.

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.

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.

KEY TAKEAWAYS Blackstone has bought control of Jersey Mike’s Subs, in the latest move by the private equity giant to buy franchisors.Blackstone didn’t give a deal amount, but The Wall Street Journal,