Diageo

(DEO) - Get Report

reportedly is in advanced talks to sell Burger King in a $2 billion leveraged buyout to investors led by private equity company Texas Pacific Group.

The Texas Pacific Group would reportedly put up $600 million of equity and borrow the remainder, which could be as much as $1.7 billion. The private equity arm of

Goldman Sachs

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and Bain Capital are also part of the buyout group,

The Wall Street Journal

reported.

Texas Pacific, run by David Bonderman, reportedly has the support of Burger King's big franchisees and management.

Burger King has about 11,500 stores but has lost ground to

McDonald's

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in market share. From 1996 to 2001, customer visits to U.S. Burger King have dropped 20%, and the company burned through nine chief executives in 13 years.

Texas Pacific beat out about 10 competing bids, including ones from Thomas H. Lee, another turnaround shop, as well as

Triarc

(TRY)

, led by LBO pioneers Nelson Peltz and Peter May.