Fast Food Icon Subway Looks for New OwnershipThis announcement has big implications for the future of the fast food industry.

In a Tuesday statement,Subway, one of the biggest names in fast food, confirmed shareholders are seeking to sell the chain. The 58-year-old company has hired J.P. Morgan to oversee the process. The statement did not disclose the deal's price, but theWall Street Journalreportedlast month that Subway could be valued at over $10 billion. A sale for that price could be one of the most significant acquisitions in the fast food industry since Dunkin' was sold to Inspire Brands for $11.3 billion in 2020.

As CNNnotes, Subway has seen a renewed popularity boost thanks partly to menu improvements, store renovations, and international expansion. Sales at its North American stores rose by 7.8% in 2022 and the chain saw positive digital growth withappand third-party service sales doubling over 2021. The company also expanded internationally, opening more than 750 new restaurants last year, raising global sales in individual stores by 9.2%.

Subway's announcement also comes a month afterEntrepreneur speculatedthat the company was exploring a multibillion-dollar deal.

In its announcement, Subway said there's "no indication of timing or assurance that a sale will occur" and that it won't issue any additional public comments until the process is completed. Nevertheless, Subway's announcement has significant implications for the fast food industry, and the sale could reshape the sector's competitive landscape.