Sandwich chain Subway is to be bought by a private-equity firm, ending six decades of family ownership.
The company announced it had agreed a deal with US-based Roark Capital,
The chain did not reveal the terms of the sale, but it is thought the deal is worth more than £7billion.
Subway has grown rapidly in recent years, but has faced soaring costs and increased competition.
It hailed its takeover as a "major milestone" and said it reflected "substantial value of our brand".
The BBC says the sale will make Roark one of the largest restaurant operators in the world.
Chains
It already controls US restaurant giant Inspire Brands, which owns chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.
"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said John Chidsey, chief executive of Subway.
Subway was founded in 1965 as Pete's Super Submarines in Bridgeport, Connecticut, by 17-year-old Fred DeLuca and family friend Peter Buck.
It went through several name changes before finally being renamed Subway in 1972.
Within two years, they had opened 16 sandwich shops in their home state.
It now has nearly 37,000 outlets in more than 100 countries.
Franchisees
Subway restaurants are owned and operated by franchisees, including thousands of entrepreneurs and small business owners.
The company noted Roark's "deep expertise in restaurant and franchise business models" and said it had a "bright future" with the private-equity firm.
Like many ventures, Subway has faced rising costs of everything from energy to food ingredients.
But in July the company said its global sales had increased 9.8% in the first half of this year compared to the same period in 2022.
FTSE 100
The UK's top share index, the FTSE 100, was up six points at 7,339 shortly after opening this morning, following yesterday's 13-point rise.
No FTSE 350 companies are due to report today.
Brent crude futures were up 0.42% at $83.71 a barrel.
Gas price
Wholesale gas prices in Europe have fallen after a planned strike at Australia's largest liquefied natural gas plant looked to have been averted.
The walkout at Woodside Energy's North West Shelf plant had threatened to disrupt global LNG supplies, driving up gas prices sharply.
But on Thursday the firm reached an agreement in principle with unions, which it is hoped will halt the strike.
The BBC says benchmark EU and UK gas prices are down almost 33% since their peak on Tuesday.