Blackstone has agreed to acquire Jersey Mike’s Subs in a deal that values the sandwich chain around $8 billion, including debt, according to Reuters.

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.

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,

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.

Private-equity giant Blackstone is nearing a deal for closely held Jersey Mike’s Subs in a deal that would value the sandwich chain at around $8 billion, including debt, according to people familiar with the matter.