Yum! Brands agreed on 16 June to sell Pizza Hut outside mainland China to LongRange Capital for about US$1.5bn, alongside a separate US$1.2bn sale of the China business to Yum China.
Why LongRange Capital is buying Pizza Hut (excluding mainland China)
Yum said the sale, which ended a review launched in November 2025, would make it a more focused company built around KFC and Taco Bell, and give Pizza Hut owners with deep restaurant experience.
“These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders”
Deal terms and financing
Yum can receive a further US$75m earn-out by 2030. It expected about US$2.3bn of net proceeds across both deals and approved an additional US$4bn share buy-back. Yum will keep supplying its Byte by Yum! technology platform to Pizza Hut outside China.
Regulatory approvals and timing
Both deals were expected to close in the third quarter, subject to regulatory approvals; the LongRange purchase completed in early September 2026.
Market context
Pizza Hut has about 15,600 restaurants outside China across more than 100 countries, according to Food Manufacture. Yum had owned the brand since its 1997 spin-off from PepsiCo.
