Yum! Brands sells struggling Pizza

The sale will split ownership of the pizza chain between a U.S.-based private equity firm and a Chinese restaurant company.

1. Frame 1Yum moves Pizza Hut into a $2.7 billion market deal, splitting the chain between LongRange Capital and Yum China.
2. Frame 2LongRange pays about $1.5 billion for Pizza Hut outside mainland China, including the U.S. business and franchise network.
3. Frame 3Yum China pays about $1.2 billion for mainland China, placing that business under the former Yum spin-off.
4. Frame 4The sale follows Pizza Hut's lagging sales, U.S. store closures, and years of losing delivery ground to Domino's.
5. Frame 5Yum expects about $2.3 billion in net proceeds, excluding a possible $75 million earnout by 2030.
6. Frame 6Regulators and closing conditions are next; Yum expects both transactions to close in the third quarter of 2026.