The private equity firm Centerbridge Partners could reach a deal as soon as this week to buy independent broker-dealer Advisor Group, according to news reports.

New York-based Centerbridge is in talks to buy Phoenix-based Advisor Group for more than $2 billion, people familiar with the matter who asked not to be named tell Bloomberg.

However, the deal hasn’t been finalized and could fall apart, the people tells the news service.

Advisor Group’s network, which includes SC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial, has more than 7,000 advisors who were overseeing $228 billion in assets under administration in 2018, Bloomberg writes, citing the company.

Advisor Group’s gross revenue was $1.7 billion last year, according to the news service.

A representative for private equity firm Lightyear Capital, which, along with Canada’s Public Sector Pension Investment Board, bought Advisor Group in 2016, declined comment to Bloomberg. Centerbridge and PSP didn’t immediately respond to the news service's requests for comment.

In January, reports emerged that private equity firm Genstar Capital was in talks to acquire a 50% stake in Advisor Group.

That deal could have resulted in a merger between Advisor Group and Cetera Financial Group, which Genstar bought last year for $1.75 billion.