Yum Brands is in exclusive talks to sell its Pizza Hut chain to LongRange Capital, Bloomberg News reported on Friday, citing people familiar with the matter.

Private equity firm LongRange entered exclusivity with Yum in recent days, beating out bidders, including Sycamore Partners, the report said.

The two parties are advancing in discussions about a potential deal that could come together in several weeks, though there is no guarantee a deal will be reached, according to the report.

Yum Brands, LongRange and Sycamore Partners did not immediately respond to Reuters’ requests for comment.

(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Shilpi Majumdar)