Business & Markets
Yum completes sale of Pizza Hut outside mainland China to LongRange
The closing separates the global business outside mainland China from Yum, while Yum China owns the mainland China operation under a separate transaction.
Executive summary
- The closing: Yum Brands completed the sale of its global Pizza Hut business outside the People's Republic of China to LongRange Capital's acquisition vehicle on September 1.[1][2]
- The cash consideration: Yum disclosed $1.488 billion in cash at closing, subject to the adjustments set out in the June purchase agreement.[1]
- China is separate: The transaction excludes mainland China; Yum had previously agreed to sell that Pizza Hut business to Yum China Holdings for about $1.2 billion in a separate deal.[1][3]
Yum Brands completed the sale of Pizza Hut outside mainland China to LongRange Capital on September 1, ending Yum's ownership of the global chain in those markets. Yum's filing identifies the buyer as Toppings TopCo, LLC, LongRange's acquisition vehicle, and records $1.488 billion in cash consideration at closing, subject to purchase-agreement adjustments.[1][2]
The completed transaction covers the global Pizza Hut business other than the People's Republic of China, with Hong Kong, Macau and Taiwan excluded from that mainland-China carveout. Aaron Powell left his Pizza Hut chief executive role at Yum in connection with the closing, according to the company's filing.[1]
Pizza Hut's mainland China business is moving through a separate sale to Yum China Holdings. When Yum announced the paired transactions in June, it put the combined value at about $2.7 billion: roughly $1.5 billion for the LongRange deal and approximately $1.2 billion for the China operation, the Associated Press reported.[3][1]
The sale follows a strategic review that Yum began late last year as Pizza Hut faced pressure from delivery-focused rivals and a legacy dine-in footprint. The company announced plans in February to close 250 underperforming U.S. locations; Pizza Hut ended 2025 with 19,974 restaurants globally, according to the Associated Press.[3]