Yum! Brands has announced the sale of its Pizza Hut business in two separate transactions worth a combined $2.7 billion. The company will sell Pizza Hut operations outside mainland China, including more than 15,500 restaurants across over 100 countries, to private equity firm LongRange Capital for $1.5 billion.
The move comes as Pizza Hut faces challenges in several markets, with declining same-store sales in the United States and pressure from inflation, rising costs, and changing consumer preferences.
Meanwhile, Yum China Holdings will acquire the Pizza Hut business in mainland China for $1.2 billion. The Chinese operation, which operates 4,375 stores, has delivered strong growth through localized menu offerings, new store formats, and expansion into new markets.
In Thailand, Pizza Hut operates 193 outlets under master franchisee PH Capital Co Ltd, a joint venture between Thoresen Thai Agencies Plc and PM Capital.
Yum! Brands expects the transactions to be completed in the third quarter of 2026, subject to regulatory approvals. The company will continue to own and operate its KFC and Taco Bell brands.