Advent International, Bain Capital and TPG are exploring a joint bid for Subway.

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The sandwich chain is valued at $10bn (£8.3bn).

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Private equity firms will need to secure partners to complete the takeover of one of the world's biggest fast-food operators.

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Goldman Sachs's asset management arm and TDR Capital are among the rival bidders.

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Subway's controlling family shareholders instructed JP Morgan to oversee an auction.

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The company was founded in Connecticut in 1965 by a nuclear physicist.

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It has grown into one of the world's largest quick-service restaurant chains across 37,000 outlets in more than 100 countries.

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In the UK, Subway trades from more than 2,000 sites, selling made-to-order sandwiches, wraps and salads.

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Subway is bigger in Britain by number of outlets than rivals such as Greggs and McDonald's.

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The company confirmed that its shareholders were "exploring a possible sale of the company" earlier this year.

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