Pizza Hut's Parent Company to Sell the Pizza Chain for $2.7 Billion
· Telemundo McAllen (KTLM)
Pizza Hut, the 68-year-old chain that has been struggling with increasing competition and outdated restaurants, will be sold for $2.7 billion by its parent company, Yum Brands. The company announced on Tuesday that private equity firm LongRange Capital will acquire Pizza Hut, excluding the business in mainland China, for about $1.5 billion. In that region, the chain will be purchased by Yum China Holdings Inc. for approximately $1.2 billion, the company stated. China is Pizza Hut's second-largest market outside the United States and accounts for 19% of sales. Yum China Holdings Inc. spun off from Yum Brands and became an independent company in 2016. Yum Brands, which also owns KFC and Taco Bell, began exploring its options for Pizza Hut in November. Last year, Yum Brands' global sales increased by 5%, but Pizza Hut's sales fell by 2%. In February, the parent company announced plans to close 250 Pizza Hut locations in the United States. Pizza Hut had 19,974 restaurants worldwide at the end of last year.
AI summary · Source: Telemundo McAllen (KTLM) →
