Yum! Brands said Tuesday that it is selling Pizza Hut in a $2.7 billion deal that will split ownership of the restaurant chain between a U.S. private equity firm and a Chinese restaurant company. Pizza Hut, excluding the mainland China business, will be sold to LongRange Capital for $1.5 billion,
Yum! Brands said Tuesday that it is selling Pizza Hut in a $2.7 billion deal that will split ownership of the restaurant chain between a U.S. private equity firm and a Chinese restaurant company. Pizza Hut, excluding the mainland China business, will be sold to LongRange Capital for $1.5 billion, while Pizza Hut China will be sold by Yum! China for $1.2 billion, the company said in a news release. “Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry,” Yum Brands CEO Chris Turner said in a statement. The sale comes after a challenging period for the pizza chain, marked by poor performance. Yum’s latest earnings report shows Pizza Hut’s sales growth lagging that of its other major restaurant chains,
