Yum! Brands announced Tuesday it will sell iconic pizza chain Pizza Hut for $2.7 billion after years of stagnant sales.
The company will continue operating Taco Bell and KFC.
It marks the first time since 1977 that Pizza Hut will have a different owner. That year, PepsiCo purchased Pizza Hut. In 1997, PepsiCo spun off Pizza Hut, Taco Bell and KFC into a separate company, Tricon Global Restaurants. Five years later, the company was renamed Yum! Brands.
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Pizza Hut will be sold to two entities.
LongRange Capital will acquire the brand outside China for $1.5 billion. In a separate deal, Yum! Brands will sell Pizza Huts Chinese operations to Yum China for $1.2 billion.
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, said Yum! Brands CEO Chris Turner. Under LongRange and Yum China, Pizza Hut will be well-positioned for future growth with ownership that brings deep expertise in the restaurant industry. 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. Pizza Hut was built by the passion and dedication of our team members, employees and franchisees, and were excited for the next chapter.
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Although sales have declined in the United States, Canada and Europe, Pizza Hut has continued to grow in China. In 2024, U.S. sales accounted for 46% of the brands revenue; in 2025, that figure fell to 40%.
LongRange has not disclosed what changes it plans to make after taking over the company. Yum! Brands and LongRange expect the deal to close this fall.
Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match, said Bob Berlin, founder and managing partner of LongRange. We look forward to partnering with Yum! to ensure a smooth transition for the business and working with Pizza Huts talented team and franchise partners to drive its next phase of growth through investments that deliver consistently great food and experiences for customers around the world.