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(Updates with Goldman, Barclays in fourth paragraph.)
Nov. 7 (Bloomberg) -- Bank of America Corp. has agreed to sell the biggest U.S. Pizza Hut franchisee to a company formed by Olympus Partners as Chief Executive Officer Brian T. Moynihan narrows the focus of the lender.
The debt of Charlotte, North Carolina-based Bank of America’s NPC International Inc. will be repaid by the purchaser at the completion of the deal, which is expected by Dec. 28, according to a regulatory filing today from NPC.
Moynihan is focusing on retail and commercial banking customers while scaling back operations acquired under his predecessor, Kenneth D. Lewis. The bank inherited NPC in its 2009 takeover of Merrill Lynch & Co., which bought the pizza purveyor in May 2006 for $615 million, according to a filing. Overland Park, Kansas-based NPC was founded in 1962 and operates more than 1,000 eateries.
The acquisition is expected to be financed by a credit facility arranged by affiliates of Goldman Sachs Group Inc. and Barclays Plc, which are advising Olympus. The restaurant operator got advice from JPMorgan Chase & Co. Terms weren’t disclosed in the statement.
The bank was in talks to sell the franchisee for more than $800 million, two people with knowledge of the discussions said in September. Jerry Dubrowski, a spokesman for Bank of America, declined to comment on the transaction.
--Editor: Dan Kraut, David Scheer
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