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, as well as aid ongoing technological investments.

Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement. But a source familiar with the matter confirmed to The Associated Press that the transaction would value Jersey Mike’s at around $8 billion, a figure previously reported by The Wall Street Journal.

The acquisition of the private company is expected to close in early 2025

Nvidia helps pull US indexes higher

Nvidia helped pulled U.S. stock indexes higher on Tuesday after they stumbled in the morning on worries about escalations in the Russia-Ukraine war.

The S&P 500 rose 0.4% after erasing an early drop of 0.7%. The Nasdaq composite also shook off an early loss to turn 1% higher, while the Dow Jones Industrial Average slipped 120 points, or 0.3%.

Nvidia’s 4.9% climb accounted for the vast majority of the index’s gain. The chip company’s stock rallied ahead of its profit report for the latest quarter, which is coming on Wednesday, and vaulted its gain for the year to nearly 197% thanks to the craze around artificial-intelligence technology.