778/6/20Pizza Hut Sold for Approximately $2.7 Billion Amid Poor Performance

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1. Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.

2. Yum said Tuesday the private equity firm LongRange Capital will buy Pizza Hut , excluding the mainland China business, for about $1.5 billion.

3The China Pizza Hut will be purchased by Yum China Holdings for approximately $1.2 billion.

4. Yum Brands says by selling Pizza Hut, the company, which also owns KFC and Taco Bell, can focus more on its brands with stronger sales. I'm Julie Walker.