00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Yum! Brands announced Tuesday it will sell Pizza Hut for a total of $2.7 billion,
00:07according to PBS News. Private equity firm Long Range Capital will acquire the chain,
00:13excluding its mainland China operations, for about $1.5 billion. Yum! China Holdings will
00:19separately purchase the China business for approximately $1.2 billion. Both deals are
00:24expected to close in the third quarter. Yum! Brands, which also owns KFC and Taco Bell,
00:29began exploring a sale of Pizza Hut in November, after the chain's global sales fell 2% last year,
00:35while Yum!'s overall sales rose 5%. Pizza Hut faced added pressure from the rise of DoorDash,
00:41Uber Eats, and other delivery platforms that gave consumers access to a wide variety of cuisines
00:46beyond pizza. In February, Yum! Brands announced plans to close 250 U.S. locations. For all things
00:53money, visit Benzinga.com.
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