Pizza Hut, the 68-year-old chain that has ling struggled with growing competetion and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.
Yum said Tuesday the private equity firm LonngRange Capital will buy Pizza Hut, excluding the mainland China business, for about $1.5 billion.
The China Pizza Hut will be purchased by Yum China Holdings for approzimately $1.2 billion.
Yum Brands says by selling Pizza Hut, the company, shich also owns KFC and Taco Bell, can focus more on its brands with strong sales.
I'm Julie Walker.
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