LongRange Capital Acquires Pizza Hut Ex-China From Yum! Brands for $1.5 Billion

Yum! Brands has completed the sale of its Pizza Hut business outside Mainland China to LongRange Capital for approximately $1.5 billion, subject to certain purchase price adjustments. The transaction also includes an earn-out opportunity of up to $75 million by 2030, linked to the future performance of the business.

The deal marks the completion of Yum! Brands’ broader divestment of Pizza Hut through two separate transactions. The company had earlier completed the sale of Pizza Hut China to Yum China Holdings on August 7, 2026. Combined, the two transactions value the Pizza Hut divestment at $2.7 billion, before certain purchase price adjustments.

The transaction marks a shift in ownership of one of the largest global pizza businesses outside Mainland China. LongRange Capital will now take ownership of Pizza Hut Ex-China, while Yum! Brands moves ahead with a narrower portfolio of restaurant brands.

“With this transaction complete, Yum! Brands now moves forward as a more focused company with significant opportunities for growth around the world,” said Chris Turner, Chief Executive Officer, Yum! Brands. “Our unmatched digital capabilities and scale and our relentless focus on the future consumer, strengthening restaurant economics and leveraging Byte by Yum! will allow us to accelerate growth and deliver sustainable long-term value for our shareholders.”

The sale of Pizza Hut Ex-China covers the business outside Mainland China, while the China operations were transferred separately to Yum China. The structure allows the Pizza Hut business to continue under different ownership arrangements across its major markets.

Yum! Brands was advised by Goldman Sachs and Barclays on the transaction, while Weil, Gotshal & Manges LLP acted as transaction counsel. Baker McKenzie provided international corporate and intellectual property counsel, and Dinsmore and Shohl LLP advised Yum! on contract separation for the Pizza Hut Ex-China sale. Mayer Brown LLP served as transaction counsel for the Pizza Hut China transaction.

The completion of the two deals gives Yum! Brands a consolidated $2.7 billion value from the Pizza Hut sales and concludes the company’s planned separation of the brand from its portfolio.