Bank of America sells stake in Pizza Hut franchisee

(Reuters) - Bank of America Corp (BAC.N) sold its stake in the largest Pizza Hut franchisee, as the second-largest U.S. bank by assets continues to shed assets.

Overland Park, Kansas-based NPC International Inc said Monday that it entered into an agreement to sell its outstanding equity interests to a company formed by private-equity firm Olympus Partners.

Bank of America gained its stake in NPC with its 2009 purchase of Merrill Lynch & Co. Merrill's private-equity group acquired the stake in 2006.

NPC did not disclose terms of the deal. The Wall Street Journal reported the sale will likely net Bank of America $375 million to $400 million.

The sale "is consistent with our strategy of focusing on our core customer-facing activities," bank spokesman Jerry Dubrowski said.

(Reporting by Rick Rothacker in Charlotte, N.C.)