Jack in the Box is mulling the sale of Qdoba.

Jack in the Box (JACK - Get Report) could be lightening its load.

The fast-food chain is nearing a deal to sell its Qdoba Mexican Restaurant concept to Apollo Global Management for $300 million, according to Reuters.

Activist hedge fund Jana Partners recently took a 1.3 million share stake in Jack in the Box. Jana most recently was involved with Whole Foods (WFM) , pushing that company to sell itself. Once Amazon.com  (AMZN - Get Report) purchased the company, Jana cashed out of its 8.2% stake for $300 million. 

Apollo's deal could close as soon as next week, according to Reuters sources. Jack in the Box acquired Qdoba for $45 million in 2003. 

Qdoba has more than 700 locations in North America. 

Apollo currently owns children's restaurant concept Chuck E. Cheese, which it took private for $1.3 billion in 2014. 

TheStreet's request for a comment from Jack in the Box was not returned.