Yum Brands announced that it is selling Pizza Hut to private equity firm LongRange Capital for $2.7 billion.
The transaction represents a major shift for one of America’s most recognizable pizza chains and reflects growing consolidation across the restaurant industry as operators contend with slowing consumer demand and rising costs.
A Pizza Hut restaurant in New York. (Michael Nagle/Bloomberg via Getty Images)
Yum noted last year that it was evaluating strategic alternatives for Pizza Hut, including a potential sale, as the chain sought to reverse a prolonged sales slump.