BofA to Sell Biggest U.S. Pizza Hut Franchisee to Olympus

Bank of America Corp. has agreed to sell its stake in the biggest U.S. Pizza Hut franchisee for about $775 million to Olympus Partners, said two people with knowledge of the deal.

Bank of America will get about $400 million in proceeds after the debt of NPC International Inc. is assumed, said the people, who declined to be identified because the terms weren’t publicly disclosed. The debt of the pizza business will be repaid by the purchaser when the deal is completed, which is expected by Dec. 28, according to a filing today from NPC.