Tesco is reportedly set to agree a deal to sell the bulk of its Fresh & Easy operations in the US to Yucaipa, the investment vehicle of billionaire Ron Burkle.

A report in The Financial Times said today (10 September) Yucaipa will acquire most of Fresh & Easy’s stores, plus the retailer’s manufacturing and distribution centre. An announcement is expected “imminently”, the FT said.

In June, Bloomberg had reported the two sides were in talks. It said Burkle, founder and managing partner of Yucaipa, wanted to rebrand the Fresh & Easy outlets under the Wild Oats banner,

The FT last month claimed the discussions had stalled.

Officials at Tesco and Fresh & Easy had not returned a request for comment at the time of writing.