CHARLOTTE, North Carolina (
Bank of America
is in exclusive talks to sell its stake in the biggest U.S. Pizza Hut franchisee for more than $800 million,
reported, citing two people with knowledge of the discussions.
Two private-equity firms teamed up to bid for
, which operates 1,140 Pizza Hut restaurants,
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
. "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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