Yum Brands announced Tuesday it would sell Pizza Hut to a private equity firm. Stores in China will be owned by Yum China. File Photo by Stephen Shaver/UPI | License Photo
June 16 (UPI) -- Yum Brands announced Tuesday that it plans to sell Pizza Hut to private equity firm LongRange Capital for about $1.5 billion.
The deal excludes the locations in China, but Yum China will acquire those for about $1.2 billion in a separate transaction.
"These transactions enable Yum to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders," said Yum! Brands CEO Chris Turner in a statement.
In November, Yum announced it was conducting a strategic review of Pizza Hut
