Yum! Brands sells struggling Pizza Hut in $2.7 billion deal
Summary
Yum! Brands is selling Pizza Hut in a deal worth $2.7 billion. The U.S. private equity firm LongRange Capital will buy Pizza Hut outside of mainland China for $1.5 billion, while the Chinese part of Pizza Hut will be sold by Yum China for $1.2 billion.Key Facts
- Yum! Brands owns restaurant chains including KFC, Taco Bell, and Pizza Hut.
- Pizza Hut’s mainland China business will be sold separately by Yum China for $1.2 billion.
- The rest of Pizza Hut will be sold to LongRange Capital, a U.S. private equity firm, for $1.5 billion.
- Pizza Hut faced declining sales, prompting Yum! Brands to explore selling the chain starting in November.
- Pizza Hut was founded in 1958 in Wichita, Kansas.
- PepsiCo bought Pizza Hut in 1977 but spun off its restaurants in 1997 to create Yum! Brands.
- Yum! Brands expects the new owners to help Pizza Hut grow with their experience in the restaurant business.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.