SAN PABLO — Yum! Brands agreed to sell Pizza Hut for $2.7 billion in a split deal on June 16, 2026. LongRange Capital acquired the global business for $1.5 billion, and Yum China Holdings acquired the mainland China operations for $1.2 billion.

Yum! Brands initiated a formal review of strategic options for Pizza Hut in November 2025. Chris Turner, Chief Executive Officer at Yum! Brands, stated on February 4, 2026, that approximately 250 American Pizza Hut restaurants would close due to poor sales. These closures were part of the brand's "Hut Forward" turnaround strategy and were slated to occur in the first half of 2026.

Turner indicated that the ownership changes position Pizza Hut for future expansion. "Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry," Turner said. He acknowledged Pizza Hut's role in the company's past, stating, "Pizza Hut is one of the most iconic restaurant brands in the world, and we are proud of the important role it has played in Yum!'s history."

Pizza Hut was built by the passion and dedication of team members, employees and franchisees, and the company is excited for the next chapter. LongRange Capital's portfolio includes other ventures, such as 24 Hour Fitness and a funeral coffin and urn manufacturer. Yum! Brands expects both transactions to be completed in the third quarter of 2026, pending customary closing conditions.