Yum Brands Sells Pizza Hut for $2.7 Billion in Two Deals
Pizza Hut is being sold for $2.7 billion as Yum Brands offloads the struggling chain to LongRange Capital and Yum China. Read the full deal here.
Prajakta Sanjay Warwadkar 
LOUISVILLE, Ky., June 16, 2026 — Yum Brands has agreed to sell Pizza Hut for $2.7 billion, splitting the struggling chain across two separate deals. The company said private equity firm LongRange Capital will buy the Pizza Hut business outside mainland China, while Yum China Holdings will acquire the mainland China operations.
The sale ends Yum's long ownership of a brand that has lagged rivals for years. It lets the parent company concentrate on its stronger performers, KFC and Taco Bell, while a new owner takes on Pizza Hut's turnaround.
How the Pizza Hut Sale Is Structured
LongRange Capital will pay about $1.5 billion for Pizza Hut excluding mainland China, with Yum eligible for an earn-out of up to $75 million by 2030. Yum China will pay roughly $1.2 billion for the mainland China business.
Yum expects about $2.3 billion in net proceeds after taxes, closing adjustments and fees, alongside one-time costs of around $85 million during the rest of 2026. The company expects both deals to close in the third quarter, subject to regulatory approval.
Yum Chief Executive Chris Turner said Pizza Hut would be "well positioned for future growth" under its new owners. LongRange founder Bob Berlin, who previously led a turnaround at Arby's, said he looked forward to driving the brand's "next phase of growth".
Years of Pressure on the Brand
Yum began reviewing options for Pizza Hut in November 2025. Last year, the parent company's global sales rose 5 percent while Pizza Hut's sales fell 2 percent, and in February Yum announced plans to close 250 U.S. locations.
The chain has shifted from its sit-down, salad-bar roots toward delivery and carryout, trailing rivals such as Domino's. Diners who prefer to bake at home can browse a collection of pizza recipes instead.
A Chain With Deep Roots
Brothers Dan and Frank Carney founded Pizza Hut in Wichita, Kansas, in 1958 and began franchising a year later. The chain went public in 1969 and grew into the world's largest pizza brand before losing that title to Domino's in 2017.
Yum's board also approved an additional $4 billion share buyback, and the company plans to detail the financial impact on its second-quarter call. Full deal terms are filed with regulators and outlined by Yum Brands.
Reporting based on Yum Brands' official announcement and its filing with the U.S. Securities and Exchange Commission. Verified by HospitalityCareerProfile.com.
