NEW YORK — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone.

In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s. The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said.

Blackstone and Jersey Mike’s did not immediately disclose financial terms, but a source familiar with the matter confirmed that the transaction would value Jersey Mike’s at around $8 billion.

The acquisition of the private company is expected to close in early 2025, subject to regulatory approvals and other closing conditions. — Associated Press