Struggling Pizza Hut restaurant chain to be sold in two deals worth $2.7bn
Summary
Yum! Brands is selling the Pizza Hut chain in two deals worth a total of $2.7 billion. The sale splits Pizza Hut between a private equity firm and Yum China Holdings, as the chain has faced declining sales and competition.Key Facts
- Pizza Hut will be sold for $2.7 billion by its parent company Yum! Brands.
- The sale is split into two parts: LongRange Capital buys Pizza Hut outside mainland China for about $1.5 billion.
- Yum China Holdings will buy Pizza Hut in mainland China for around $1.2 billion.
- Pizza Hut has struggled with outdated stores and closing over 250 U.S. locations.
- Founded in 1958, Pizza Hut was once owned by PepsiCo before Yum! Brands was created.
- Yum! Brands also owns KFC and Taco Bell.
- The sale allows Yum! Brands to focus on its more successful brands.
- The transactions are expected to close in the third quarter of the year.
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