US Private equity group Texas Pacific looks set to become the next owner of the world’s number two fast food chain Burger King, currently part of the Diageo empire.

London-headquartered drinks giant Diageo has for some time been uncomfortable both with the performance and corporate fit of the global burger joint and earlier this year hung a ‘For Sale’ sign over the unit.

There was no lack of takers with a number of rivals and investor groups flagging their interest – among them Triarc, which franchises the Arby's restaurant chain, Hicks, Muse, Tate & Furst, Thomas H Lee and Texas Pacific.

Although the deal is not yet inked, talks between Diageo and TexPac stretched late into Tuesday evening and insiders are predicting handshakes all round later today to seal an agreement valued at between $2 billion (€2.08bn; £1.28bn) and $2.3bn.

None of the parties involved were prepared to comment.

Data sourced from: Financial Times; additional content by WARC staff