Yum Brands has agreed to sell Pizza Hut for $2.7 billion, dividing the chain’s assets between two separate buyers. LongRange Capital, a private equity firm, will acquire Pizza Hut’s international operations for $1.5 billion. Simultaneously, Yum China Holdings Inc. will purchase Pizza Hut’s restaurants within China for $1.2 billion. The sale marks a significant restructuring for Yum Brands, allowing it to focus on its other brands. This deal reflects a strategic shift as Yum Brands streamlines its portfolio and capitalizes on opportunities in the Chinese market. Both acquisitions are subject to customary closing conditions and regulatory approvals. The transactions are expected to close in the first half of 2024.