The struggling Pizza Hut restaurant chain will be sold for $2.7 billion by parent company Yum Brands.
Yum Brands said in February that it was considering selling Pizza Hut and the chain looked to close 250 U.S. restaurants. The pizza chain has struggled with outdated stores and growing competition.
Pizza Hut was founded in 1958 in Wichita, Kansas. PepsiCo acquired the chain in 1977 but spun off its restaurant division — which became Yum Brands — in 1997.
Private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland China business, for about $1.5 billion, the company said Tuesday. The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion, it said.
“Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry," Yum Brands CEO Chris Turner said in a statement.
Yum Brands, whose other brands include KFC and Taco Bell, began a strategic review to explore options for Pizza Hut in November, with the chain reporting declining sales at comparable stores.
“Pizza Hut has long been the weak link in Yum’s portfolio,” Neil Saunders, managing director of GlobalData, said in a statement. “Despite efforts to revitalize the brand and shut underperforming locations, it has become increasingly clear that pushing the division back into growth will require a level of investment and patience that Yum is just not prepared to commit to.”
By selling Pizza Hut, Yum Brands can focus more on its brands with stronger sales, he added.
Yum Brands, based in Louisville, Kentucky, expects both transactions to close in the third quarter. The company's stock declined slightly before the market open.
FILE - This Dec. 15, 2016, file photo shows a Pizza Hut restaurant in New Orleans. (AP Photo/Gerald Herbert, File)
WASHINGTON (AP) — Law enforcement officials disrupted “planned attacks” meant to target the UFC cage-fighting show staged at the White House this past weekend for President Donald Trump's birthday, and multiple people were in custody, FBI Director Kash Patel said on Tuesday.
The nature of the potential threat was not immediately disclosed, with additional details expected to be released once charges are unsealed later Tuesday.
Five people were arrested from states including Ohio, Missouri and California, said a law enforcement official familiar with the matter. The official spoke to The Associated Press on the condition of anonymity to discuss information that was not yet public.
The FBI learned about the possible threat on June 10, four days before the mixed martial arts extravaganza on the White House's South Lawn, “and thanks to the rapid action of the FBI, our partners, and the Department of Justice in a multi-state operation, multiple individuals are now in custody and allegedly planned attacks were stopped cold," Patel said in a post on X on Tuesday morning.
The Secret Service "worked around the clock to identify those responsible and hold them accountable,” Director Sean Curran said in a separate statement.
Trump, who celebrated his 80th birthday at the UFC event on Sunday, sought to tie the fights to larger celebrations of the 250th anniversary of the signing of the Declaration of Independence. Speaking to reporters Tuesday in Évian-les-Bains, France, where he was attending the Group of Seven summit, Trump said he had not been briefed on the thwarted plot.
Associated Press writer Darlene Superville in Évian-les-Bains, France, contributed to this report.
President Donald Trump attends UFC Freedom 250 on the South Lawn of the White House, Sunday, June 14, 2026, in Washington. (AP Photo/Alex Brandon)
President Donald Trump, first lady Melania Trump, UFC President and CEO Dana White and other guests pose inside the octagon after UFC Freedom 250 on the South Lawn of the White House, Monday, June 15, 2026, in Washington. (Evan Vucci/Pool Photo via AP)
FBI director Kash Patel watches with Alexis Wilkins at UFC Freedom 250 on the South Lawn of the White House, Monday, June 15, 2026, in Washington. (AP Photo/Alex Brandon)
Diego Lopes celebrates during a featherweight bout against Steve Garcia during UFC Freedom 250 on the South Lawn of the White House, Sunday, June 14, 2026, in Washington. (AP Photo/Mark Schiefelbein)
FILE - Security at the White House looks through a pair of binoculars during the UFC Fan Fest on the White House Ellipse ahead of Sunday's fight on the South Lawn, June 13, 2026, in Washington. (AP Photo/Allison Robbert, File)
