The Pizza Hut restaurant chain is set to be sold in two deals worth a combined $2.7billion (£2.01billion).
Yum! Brands, which owns the chain, has announced it has entered into "definitive agreements" to sell Pizza Hut in separate deals for inside and outside mainland China.
Private investment firm LongRange Capital will acquire Pizza Hut excluding mainland China for $1.5billion (£1.12billion), while the business inside mainland China will be sold to Yum China for $1.2billion (£890million).
“These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders,” said Chris Turner, Chief Executive Officer, Yum! Brands.
“Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry.
"Pizza Hut is one of the most iconic restaurant brands in the world, and we are proud of the important role it has played in Yum!’s history. Pizza Hut was built by the passion and dedication of our team members, employees and franchisees, and we’re excited for the next chapter.”
The announcement also states: "Yum! Brands and Yum China remain fully committed to a strong partnership that unlocks growth in their joint businesses going forward.
"The companies have agreed to certain financial incentives that will generate value for both companies’ shareholders should KFC China’s future system sales growth rates accelerate.
"In addition, the companies will work together to further advance long-term growth plans for Taco Bell in Mainland China."
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