Operations

Yum! Brands completes U.S. sale of Pizza Hut

Photo: Shutterstock

September 2, 2026

Summarize with

Yum! Brands has announced in a press release the completion of its sale of Pizza Hut, excluding Mainland China, to LongRange Capital. The sale, for approximately $1.5 billion, is subject to adjustments and includes the opportunity for Yum! to receive an additional earn-out of $75 million by 2030 based on future performance.

Together with the previously announced sale of Pizza Hut in Mainland China to Yum China Holdings, Inc., the LongRange transaction completes Yum!'s sale of Pizza Hut through two separate transactions for a combined $2.7 billion.

"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, Yum! Brands CEO, in the news release. "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."

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