Jack in the Box (JACK) 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) 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.