Pizza Hut Sold as Yum! Brands Ends Nearly 50-Year Ownership in $2.7 Billion Deal

Yum! Brands has agreed to sell Pizza Hut in a landmark deal that will end nearly 50 years of ownership of the iconic pizza chain, according to a June 16 press release. Private equity firm LongRange Capital will acquire Pizza Hut's operations outside of China for $1.5 billion, while Yum China will acquire Pizza Hut China for $1.2 billion.

The sale comes after years of poor performance in Pizza Hut's U.S. business. Despite a massive footprint of more than 15,500 locations across 108 countries that racks up roughly $10 billion in systemwide annual sales, the brand has been fighting an uphill battle in America. U.S. same-store sales slipped by 4% during Q1 2026, for example, with systemwide sales falling by 6%. Five years ago, the chain boasted 6,551 domestic locations. Today, that number has dropped to 6,121, with roughly 250 additional closures expected in the first half of 2026.

For LongRange Capital, the acquisition represents a significant bet on one of the world's most recognizable restaurant brands. The firm believes Pizza Hut's global footprint, nearly fully franchised business model and strong international presence provide a foundation for future growth. The new owners will inherit a brand that has spent years repositioning itself away from traditional dine-in restaurants toward delivery and carryout-focused formats, while investing heavily in digital ordering, loyalty programs and menu innovation. However, Pizza Hut continues to face intense competition from rivals such as Domino's, which has expanded its lead in both sales and restaurant count over recent years.

Read the full press release here. 

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