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U.S-based restaurant company Yum! Brands has agreed to sell Pizza Hut in two separate transactions valued at a combined $2.7 billion, the company announced Tuesday.
The deal will split ownership of the pizza chain between U.S.-based private equity firm LongRange Capital and Yum China Holdings, which operates Yum Brands' restaurant chains in China, ending Pizza Hut's decades-long place within the Yum! portfolio.
LongRange will acquire Pizza Hut's business outside China for about $1.5 billion, while Yum China will buy the chain's China operations for roughly $1.2 billion.
The sale follows a strategic review launched late last year as Yum! explored options for the brand. Company leaders ultimately determined that Pizza Hut would be better positioned under owners focused on its specific markets and growth opportunities, according to the statement.
“These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders,” Chief Executive Officer Chris Turner said.
Turner described Pizza Hut as one of the restaurant industry's most recognizable brands and credited employees and franchisees for helping build its global presence.
Yum!'s board unanimously approved both transactions, which are expected to close in the third quarter of 2026, subject to regulatory approvals and customary closing conditions.
Founded in 1958, Pizza Hut has grown into one of the world's largest pizza chains, operating nearly 20,000 restaurants worldwide. The brand has been part of Yum! since 1997, when PepsiCo spun off its restaurant business into a separate company.
The company disclosed in its latest annual report that it launched a review of strategic options for Pizza Hut in October 2025, seeking ways to unlock value for shareholders, franchisees and the brand itself.
Yum! operates or franchises more than 63,000 restaurants across 155 countries and territories. Following the sale, its portfolio will consist of KFC, Taco Bell and Habit Burger & Grill. The Louisville, Kentucky-based company reported revenue of $8.2 billion in 2025, while Pizza Hut generated $1 billion in revenue during the year.
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