Struggling Pizza Hut restaurant chain will be sold for $2.7 billion

Yum Brands is selling its struggling Pizza Hut chain for approximately $2.7 billion. Private equity firm LongRange Capital will acquire Pizza Hut excluding mainland China for $1.5 billion, while Yum China Holdings will buy the mainland China business for about $1.2 billion. Both transactions are expected to close in the third quarter as Pizza Hut has faced declining comparable sales and outdated store issues.