Yum exits Pizza Hut in $2.7bn sale; LongRange Capital takes ex-China including India
Yum Brands offloads Pizza Hut for $2.7bn ($1.5bn ex-China to PE firm LongRange Capital, $1.2bn China stake), netting $2.3bn after $85m one-time costs. Devyani International continues running India operations but now reports to LongRange. India unit has badly trailed Domino's, with rival generating 3.2x revenue per outlet. Q3 2026 close.
What happened
Yum Brands is selling Pizza Hut in a $2.7bn deal, with PE firm LongRange Capital acquiring the ex-China business including India. Devyani International will
Key facts
- $2.7bn deal
- $1.5bn ex-China
- $1.2bn China
- $2.3bn net proceeds
- $85m one-time expenses
- 3.2x Domino's revenue per outlet
Why this matters
PE carve-outs of underperforming QSR brands from strategics are now executable at scale—watch for similar geo-split structures where local operators retain control under new sponsor ownership.