economy
Struggling Pizza Hut restaurant chain to be sold in two deals worth $2.7bn
Yum! Brands, parent company of KFC and Taco Bell, to sell Pizza Hut as it faces dated stores and growing competition
TL;DR
- Yum! Brands is selling Pizza Hut for $2.7 billion.
- LongRange Capital is buying the chain, excluding mainland China, for $1.5 billion.
- Yum China Holdings is purchasing the mainland China Pizza Hut business for $1.2 billion.
- Pizza Hut has faced challenges with outdated stores and growing competition.
- Yum! Brands will now focus on its brands with stronger sales.
- Both transactions are expected to close in the third quarter.