Embattled Bank of America is in exclusive talks to sell its stake in Pizza Hut assets, Bloomberg reported, citing two people familiar with the discussions.
Pizza Hut? That’s right.
The Charlotte, North Carolina-based bank owns a $800 million dollar stake in the largest Pizza Hut franchise operator.
Now two private equity firms have teamed up to bid for NPC International, which operates 1,140 Pizza Huts in 28 states, the report said.
It’s not surprising because the bank has already sold a lot of its non-core assets to raise capital and shore up the balance sheet.
“They’ve got to do two things — reduce riskier assets and continue to reallocate capital to other businesses,” said Jonathan Finger, whose family-owned investment company, Finger Interests Ltd., 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.”
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