LongRange Capital, a Connecticut-based private equity firm, will acquire Pizza Hut for USD 1.5 billion, excluding the business in Mainland China, from Yum! Brands. Yum China Holdings will buy the mainland China operations for USD 1.2bn, bringing the total sale to USD 2.7 billion for Yum! Brands. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.

Yum! Brands first revealed it was exploring a potential sale in November 2025, following declining sales in its key market at home. About 42% of the chain’s total sales come from the US.

Read more:

Yum Brands mulls over Pizza Hut sale

Pizza Hut shutters 68 UK restaurants

The sales decline can also be attributed to growing competition from chains such as Domino’s, Papa John’s, and Little Caesars, which have aggressively discounted their offerings to win over price-sensitive consumers, BBC reports. Mid-sized businesses are also gaining ground in the pizza market, as they are adapting faster to changing consumption trends.

Founded in 1958, Pizza Hut has over 15,500 restaurants in 108 countries and approximately USD 10 billion in annual sales.

“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 Hut’s 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.”

Photo: Pizza Hut social media