Pizza Hut is set to be owned by a private equity firm after Yum Brands sold it for $2.7 billion, CNBC reported.
The announcement came Tuesday, when Yum Brands said it sold Pizza Hut to LongRange Capital for about $1.5 billion. A separate purchase for $1.2 billion will give the private equity firm China’s Pizza Huts.
The pizza chain has struggled for years. Domino’s Pizza dominates the market with about 23% to 30% of sales, according to Bloomberg, with Pizza Hut at 14% to 23%.
