Drinks group Diageo has agreed in principle to sell Burger King for about €1.5 billion.
Diageo plans to sell the fast-food chain to the same group of buyout firms that called off an agreement last month to acquire it for $2.26 billion, the New York Timeswebsite reported.
The group of investors - the Texas Pacific Group, Goldman Sachs & Company and Bain Capital - hopes to complete the revised deal and announce the transaction in the next several days, executives said.
A spokesman for the investment group declined to comment as did officials at Diageo.
The New York Timessaid Diageo has been trying to sell Burger King for two years to rid itself of a struggling business and focus on its core beer and liquor operation, including Guinness and Johnnie Walker.
In July, Diageo announced an agreement with the buyout firms that hinged on Burger King meeting certain performance targets. Burger King apparently fell short of those goals and, last month, its potential buyers pulled out, the report said.
AFP