Pizza Hut, the struggling restaurant chain, will be sold for $2.7 billion by its parent company Yum Brands. Yum Brands announced in February that it was considering selling Pizza Hut, which has been dealing with outdated stores and growing competition.
Pizza Hut was founded in 1958 in Wichita, Kansas. The chain has undergone several changes in ownership, including being acquired by PepsiCo in 1977 and later spun off as part of Yum Brands in 1997.
Details of the Sale
Private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland China business, for about $1.5 billion. The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion.
According to Yum Brands CEO Chris Turner, the sale will position Pizza Hut for future growth under the new ownership. Yum Brands, which also owns KFC and Taco Bell, began a strategic review to explore options for Pizza Hut in November due to declining sales at comparable stores.
Original reporting: KTBS 3 (Shreveport) — read the source article.
