Yum! Brands Completes Sale of Pizza Hut, Finalizing $2.7 Billion Split

Yum! Brands said in a filing that it has completed the sale of its global Pizza Hut business, closing out a two-part transaction with LongRange Capital and Yum China Holdings, Inc.

According to the filing, Yum! completed the sale of Pizza Hut, excluding Mainland China, to LongRange Capital for approximately $1.5 billion, subject to certain adjustments. The company also has the opportunity to receive an additional earn-out of $75 million by 2030 based on future performance.

That transaction follows the previously announced sale of Pizza Hut in Mainland China to Yum China Holdings, Inc., which closed on August 7, 2026. Together, the two deals complete Yum!'s divestiture of Pizza Hut for $2.7 billion in the aggregate, subject to certain purchase price adjustments.

Chris Turner, Chief Executive Officer of Yum! Brands, said the completed transaction allows the company to move forward as a more focused business with opportunities for growth around the world. He pointed to the company's digital capabilities, scale and focus on the future consumer, along with efforts to strengthen restaurant economics and leverage Byte by Yum!, as factors supporting long-term value for shareholders.

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

Yum! Brands and its subsidiaries franchise or operate more than 44,000 restaurants in 151 countries and territories under the KFC, Taco Bell and Habit Burger & Grill brands.

Finazon · prior-day close · Sep 21, 2026