CHARLOTTE, North Carolina (

TheStreet

) --

Bank of America

(BAC) - Get Report

is in exclusive talks to sell its stake in the biggest U.S. Pizza Hut franchisee for more than $800 million,

Bloomberg

reported, citing two people with knowledge of the discussions.

Two private-equity firms teamed up to bid for

NPC International

, which operates 1,140 Pizza Hut restaurants,

Bloomberg

reported.

Bank of America has been divesting assets to raise capital.

"They've got to do two things -- reduce riskier assets and continue to reallocate capital to other businesses," Jonathan Finger, whose family-owned investment company owns 1.1 million Bank of America shares, told

Bloomberg

. "These asset sales achieve both those goals, it's a step in the right direction to slim the company down."

-- Written by Joseph Woelfel

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Joseph Woelfel

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