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Yum Brands has completed the sale of its Pizza Hut business outside Mainland China to private equity firm LongRange Capital for approximately $1.5 billion.
The transaction, which was first announced in June 2026, remains subject to certain adjustments and includes the potential for Yum Brands to receive an additional $75 million earn-out by 2030, depending on the business's future performance.
The deal follows the previously announced sale of Pizza Hut's Mainland China operations to Yum China Holdings for $1.2 billion.
Together, the two transactions value Yum! Brands' divestment of Pizza Hut at approximately $2.7 billion in aggregate, subject to purchase price adjustments.
Chris Turner, CEO of Yum! Brands, said the completion of the sale would allow the company to operate as a "more focused company" and pursue further growth opportunities globally.
He added that Yum! would continue to focus on its digital capabilities, restaurant economics and the expansion of its Byte by Yum! technology platform as part of its long-term growth strategy.
Goldman Sachs and Barclays acted as financial advisers to Yum Brands on the transaction, while Weil, Gotshal & Manges, Baker McKenzie and Dinsmore & Shohl provided legal advice on the Pizza Hut business outside China. Mayer Brown advised Yum Brands on the sale of Pizza Hut China.
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