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Yum! Sells Pizza Hut for $2.7 B, Splits China Deal

6/21/2026

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Summary

Story summary

Yum! Brands announced a $2.7 billion Pizza Hut sale, with LongRange Capital buying the non-China business for $1.5 billion and Yum China buying the China business for $1.2 billion.
U.S. sales fell 8.2% last year, prompting the February closure of 250 locations after sales dropped 1% in 2025 and 4% in 2024.
Yum! Brands expects $2.3 billion net proceeds, announced a $4 billion buyback, and reported a nearly 2% stock rise on Tuesday.

History

Historical Context

Pizza Hut opened in Wichita in 1958 and was bought by PepsiCo in 1977. When PepsiCo spun off its restaurant division in 1997, the new Tricon Global Restaurants—later renamed Yum! Brands—took control of the chain. In June 2026 Yum! announced a $1.5 billion sale of Pizza Hut’s non-China operations to LongRange Capital, echoing the 1997 divestiture strategy.

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Story summary

Yum! Brands announced a $2.7 billion Pizza Hut sale, with LongRange Capital buying the non-China business for $1.5 billion and Yum China buying the China business for $1.2 billion.
U.S. sales fell 8.2% last year, prompting the February closure of 250 locations after sales dropped 1% in 2025 and 4% in 2024.
Yum! Brands expects $2.3 billion net proceeds, announced a $4 billion buyback, and reported a nearly 2% stock rise on Tuesday.

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