Pizza Hut is getting a new owner: private equity firm LongRange buys chain in $1.5 billion deal

AI Summary

Yum Brands is selling Pizza Hut through a split transaction valued at $2.7 billion, with LongRange Capital purchasing operations outside mainland China for approximately $1.5 billion and Yum China acquiring mainland China locations for around $1.2 billion. The sale concludes years of declining performance marked by intensified competition from both rival restaurant chains and rapidly expanding food delivery services, resulting in the planned closure of 250 American locations.