Yum! Brands sells struggling Pizza Hut in $2.7 billion deal

Yum! Brands said Tuesday that it is selling Pizza Hut successful a $2.7 cardinal woody that volition divided ownership of the edifice concatenation betwixt a U.S. backstage equity steadfast and a Chinese edifice company.

Pizza Hut, excluding the mainland China business, volition beryllium sold to LongRange Capital for $1.5 billion, portion Pizza Hut China volition beryllium sold by Yum! China for $1.2 billion, the institution said successful a news release.

"Under LongRange and Yum China, Pizza Hut volition beryllium good positioned for aboriginal maturation with ownership that brings heavy expertise successful the edifice industry," Yum Brands CEO Chris Turner said successful a statement.

Yum! Brands, whose different brands see KFC and Taco Bell, started exploring options for Pizza Hut successful November pursuing declining comparable-store sales.

Pizza Hut was founded successful 1958 successful Wichita, Kansas. PepsiCo acquired the concatenation successful 1977 but spun disconnected its edifice part successful 1997, which became Yum! Brands.

—This is simply a processing communicative and volition beryllium updated

Edited by Alain Sherter

The Associated Press contributed to this report.

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