Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for US$2.7 billion by parent company Yum Brands.Yum said Tuesday that the private equity firm LongRange Capital will buy Pizza Hut,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, the company said.China is Pizza Hut’s second-largest market outside the US, accounting for 19% of sales.Yum Brands, which also owns KFC and Taco Bell, began to explore its options for Pizza Hut in November. Last year, Yum Brands’ global sales rose 5% but Pizza Hut’s sales fell 2%.In February, Yum Brands announced plans to close 250 US Pizza Hut locations. Pizza Hut had 19,974 restaurants worldwide at the end of last year.By selling Pizza Hut, Yum Brands can focus more on its brands with stronger sales, Yum CEO Chris Turner said.“Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry,” Turner said in a statement.Yum Brands, based in Louisville, Kentucky, expects the sale in US and China to close in the third quarter. The company’s stock rose 2.3% Tuesday.Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.