Yum Brands sells Pizza Hut to private equity firm LongRange Capital for $2.7 billion
LongRange Capital will buy Pizza Hut outside mainland China for $1.5 billion, while Yum China takes the China business as sales keep falling.
- On Tuesday, Kentucky-based Yum Brands announced it is selling Pizza Hut in two separate transactions for a total of $2.7 billion. Private equity firm LongRange Capital will acquire the global business, excluding mainland China, for about $1.5 billion.
- Yum Brands, which also operates KFC and Taco Bell, initiated a strategic review of the struggling chain in November. The company sought new ownership after Pizza Hut faced declining comparable sales, outdated stores, and increased competition.
- The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion. Additionally, the chain previously looked to close 250 U.S. restaurants to restructure the business.
- Both transactions are expected to close in the third quarter, Yum Brands announced. Yum Brands CEO Chris Turner stated the new ownership will position the chain for growth by bringing "deep expertise in the restaurant industry."
- Founded in 1958 in Wichita, Kansas, the chain was acquired by PepsiCo in 1977 before the 1997 spinoff. Neil Saunders, managing director of GlobalData, noted that "Pizza Hut has long been the weak link in Yum's portfolio.
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On June 16, Yum Brands agreed to sell Pizza Hut for $2.7 billion in a transaction that splits the chain between two buyers. LongRange Capital, a private equity firm based in Stamford, Connecticut, is paying about $1.5 billion for Pizza Hut’s operations everywhere outside mainland China. Yum China is paying about $1.2 billion for the ... Pizza Hut’s new owner also runs gyms and sells caskets, which is either a coincidence or the most complete bus…
Pizza Hut restaurant chain to be sold for $2.7 billion
(ABC NEWS) — Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands. Yum Brands said Tuesday that the private equity firm LongRange Capital will buy Pizza Hut, excluding the mainland China business, for about $1.5 billion. In mainland China, Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion, the comp…
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