The private equity arm of Merrill Lynch is buying the world’s largest Pizza Hut franchisee.

NPC International Inc. – a private company with executive offices in Lenexa and its chairman’s office in Pittsburg – announced Monday that it would be acquired by Merrill Lynch Global Private Equity in a stock transaction expected to close this spring.

Financial terms were not disclosed.

NPC, founded in 1962, today owns 790 Pizza Hut restaurants and delivery kitchens in 26 states. NPC doesn’t own the Pizza Hut stores in Lawrence; its nearest location is in Topeka.