These two families will get billions from the sale of Subway
The recent sale of Subway, one of America’s largest fast food chains, to a private equity firm has made the families of the founders multibillionaires.
The sale to Roark Capital, which reportedly led bidders with an offer to buy Subway for more than $9 billion, represents a big payday for the families of founders Fred DeLuca and Peter Buck. DeLuca’s widow and son could walk away from the sale with an estimated $3.4 billion, reports Forbes.
As for Buck, who is also deceased, he left instructions in his will to leave his half of the company — which could be worth $4.5 billion — to his family foundation. The massive donation stands as one of the biggest single charitable gifts to a foundation — and saves Buck’s two sons from a nearly $2 billion tax bill.
That’s not all the money they’ll get. Both families could end up with an additional $600 million between them if the chain meets certain financial goals.