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Struggling Pizza Hut chain to be sold for $2.7bn
TL;DR
Yum! Brands is selling Pizza Hut for $2.7bn, with LongRange Capital acquiring the brand outside China for $1.5bn and Yum China Holdings purchasing the mainland operations for $1.2bn. This move follows a period of declining sales in the US market.
Key points
- Yum! Brands is selling Pizza Hut for $2.7bn
- LongRange Capital will acquire the brand outside China for $1.5bn
- Yum China Holdings will buy the mainland China operations for $1.2bn
- Pizza Hut has faced declining sales in the US market
- The US market represents 40% of Pizza Hut's total international sales
Mentioned in this story
Yum! BrandsLongRange CapitalYum China Holdings
Pizza Hut
Yum! Brands is selling its struggling Pizza Hut chain in a deal worth $2.7bn (£2bn), the company has announced.
Private equity firm LongRange Capital will acquire the brand outside of mainland China for $1.5bn, while Yum China Holdings will buy the mainland China operations for $1.2bn.
"Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry," said Yum! Brands chief executive Chris Turner.
The decision comes after a prolonged period of difficulty for Pizza Hut - a name synonymous with casual dining in America.
Yum! Brands first revealed it was exploring a potential sale in November 2025, following several quarters of declining US same-stores. The American market is highly critical for the chain, as it makes up 40% of its total international sales.
The drop in performance has been driven by intensifying competition from revival chains like Domino's, Papa John's, and Little Caesars. At a time when inflation remains sticky, these rivals have aggressively discounted their offerings to win over price-sensitive consumers.
Moreover, mid-sized regional chains have also chipped away at the market. These smaller, more nimble fast-food competitors have adapted faster to changing consumer habits in the so-called "pizza wars".
At the same time, the rapid rise of third-party delivery apps has flooded the market with alternative options, diluting Pizza Hut's historic dominance.
Pizza Hut was founded in 1958, the brainchild of two brothers in Wichita, Kansas.
It was bought by PepsiCo in 1977 and then spun off into Yum! Brands in 1997.
"Pizza Hut is one of the most iconic restaurant brands in the world, and we are proud of the important role it has played in Yum!'s history," said Turner.
By divesting the struggling division, Yum! Brands intends to streamline its corporate focus and resources on its remaining core brands, which include KFC and Taco Bell.
The transactions with LongRange Capital and Yum China are both expected to close in the third quarter of 2026, subject to customary regulatory approvals.
Q&A
Why is Yum! Brands selling Pizza Hut?
Yum! Brands is selling Pizza Hut due to a prolonged period of difficulty and declining sales in the US market.
Who is buying Pizza Hut and for how much?
LongRange Capital is buying Pizza Hut outside of mainland China for $1.5bn, while Yum China Holdings is acquiring the mainland operations for $1.2bn.
What percentage of Pizza Hut's sales come from the US market?
The US market accounts for 40% of Pizza Hut's total international sales.
