Pizza Hut's parent company is selling the 68-year-old chain for $2.7 billion. Yum Brands said on Tuesday that the private equity firm LongRange Capital will buy Pizza Hut's business outside mainland China for about $1.5 billion.

Yum! Brands is selling Pizza Hut in two deals worth $2.7 billion. The company said Tuesday that private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland…

Yum Brands is selling Pizza Hut, capping off years of struggles for the pizza chain.