Yum Brands to sell Pizza Hut in $2.7 billion split (opens in new tab)

Yum Brands said Tuesday it will sell Pizza Hut in two transactions valued at $2.7 billion: LongRange Capital will buy the business outside mainland China for about $1.5 billion, and Yum China Holdings will acquire the mainland China business for about $1.2 billion. The deal separates the 68-year-old restaurant chain from the owner of KFC and Taco Bell after Pizza Hut faced stronger competition, dated restaurants and weaker sales. Yum began reviewing strategic options for Pizza Hut in November...