Yum! Brands completed Pizza Hut’s sale through two transactions worth a combined $2.7 billion, including LongRange Capital’s roughly $1.5 billion acquisition of operations outside mainland China. The transaction closed on Sept. 1, 2026, ending Pizza Hut’s nearly five-decade run under Yum! Brands, while Yum China retains the mainland China business. Aaron Powell resigned as global CEO effective the same day, and Eduardo Luz became interim CEO. LongRange now controls a chain with more than 15,500 restaurants in over 100 countries and roughly $10 billion in systemwide sales, but it is taking over amid sustained pressure on the U.S. business. Comparable-store sales declined for 10 consecutive quarters, Pizza Hut’s U.S. sales fell 8.2% last year, and Yum! plans to close 250 U.S. locations in the first half of 2026. Yum! can receive an additional $75 million based on performance through 2030. LongRange says it will focus on franchisees, employees, customers, operational improvements and digital advancement. The acquisition extends private equity’s mixed record in pizza, where recognizable brands and franchise models have not consistently overcome weak demand, higher costs and competition.