The transaction is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said Tuesday.

Jersey Mike’s, the quickly expanding sandwich chain whose roughly 3,000 locations include eight in the North Bay, is being acquired by the private equity firm Blackstone in a deal valued at $8 billion.

Asset management firm Blackstone will become the majority owner of sandwich chain Jersey Mike’s in a deal that values the company at a reported $8 billion.

Blackstone has agreed to buy Jersey Mike's Subs, the sandwich chain said on Tuesday, in a deal that a source said valued the company at around $8 billion, including debt. Reuters had reported on Monday,

Blackstone announced it will acquire a majority stake in Jersey Mike's Subs. The deal is worth around $8 billion, according to CNN sources.

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.

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,