Diageo is reportedly closing in on a deal to sell its fast food chain Burger King, to a consortium led by Texas Pacific Group for $1.5 billion. The price, which was reported in the Wall Street Journal today, is a third less than that originally agreed by the two parties.

People familiar with the deal were reported as saying that several major hurdles had been overcome, clearing the way for a deal which could be announced as soon as Friday or early next week.

The structure of the deal is still being finalized, by it was reported that Diageo would play a significant role in financing the purchase.