Pizza Hut is changing hands as Yum Brands moves to streamline its business and focus on faster-growing restaurant chains, agreeing to sell the global pizza brand for $2.7 billion.

The transaction will see private equity firm LongRange Capital acquire Pizza Hut’s operations outside mainland China for about $1.5 billion, while Yum China will purchase the brand’s mainland China business for roughly $1.2 billion.

The sale follows a strategic review by Yum and marks one of the biggest portfolio changes in the company’s history. Once completed, Yum will concentrate on its remaining brands—KFC, Taco Bell and Habit Burger & Grill—and will no longer report Pizza Hut as a separate business segment.

The move comes as restaurant operators worldwide face softer consumer spending and rising operating costs, prompting many companies to sharpen their focus on brands with stronger growth potential.

Pizza Hut, one of the most recognizable names in the global restaurant industry, has long been part of Yum’s portfolio. However, Taco Bell and KFC have emerged as the company’s primary growth engines in recent years, supported by expansion efforts and stronger sales performance across key markets.

The transaction reflects a broader trend of consolidation and portfolio reshaping across the food-service sector as companies seek to improve profitability and strengthen their competitive position in a challenging operating environment.