Stamford-based LongRange Capital has reached a deal to acquire Pizza Hut’s business outside mainland China for approximately $1.5 billion as part of a broader $2.7 billion sale announced Tuesday by Yum Brands.

Under the agreement, LongRange will acquire Pizza Hut Ex-China, while Yum China Holdings will purchase Pizza Hut’s mainland China operations for approximately $1.2 billion.

The sale concludes a strategic review launched by Yum Brands in November 2025. Company leaders said the move will allow Yum to focus on its remaining brands while positioning Pizza Hut for future growth under new ownership.

"Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match," said Bob Berlin, founder and managing partner of LongRange Capital. "We look forward to working with Pizza Hut's talented team and franchise partners to drive its next phase of growth."

Founded in 1958, Pizza Hut operates more than 15,500 restaurants across 108 countries and generates roughly $10 billion in annual systemwide sales.

Yum Brands CEO Chris Turner said the transactions will help the company become more focused while ensuring Pizza Hut is positioned for long-term success under owners with restaurant industry experience.

The deals are expected to close in the third quarter of 2026, pending regulatory approvals and customary closing conditions. Following the transactions, Yum will no longer report Pizza Hut as a business division.

Yum’s board also approved an additional $4 billion share repurchase authorization in connection with the sale.