Yum! Brands is in exclusive talks to sell its Pizza Hut business to private equity firm LongRange Capital, according to Bloomberg. LongRange recently entered an exclusivity agreement with Yum after beating other bidders, including Sycamore Partners.
The parties are advancing discussions on a potential transaction that could be finalized within weeks, though no deal is certain. Representatives for Yum, LongRange, and Sycamore declined to comment.
The potential sale follows Yum's strategic review of Pizza Hut last year amid declining revenue. Pizza Hut accounted for about 12% of Yum's revenue in 2025, down from over 18% in 2019.
While Pizza Hut's annual revenue remained slightly above $1 billion, Yum's total revenue grew about 47% to $8.2 billion. Yum, which also owns KFC and Taco Bell, has a market value of roughly $41 billion.
LongRange Capital, founded in 2019 by Bob Berlin, owns 24 Hour Fitness and Alpin Unlimited. The sale would be one of Yum's largest strategic moves in recent years.
