Yum! Brands Inc. (YUM) turned to Michael J. Aiello, Amanda Fenster and and Rachel Shapiro of Weil, Gotshal & Manges LLP and Jodi A. Simala, Nina L. Flax and Richard M. Assmus of Mayer Brown LLP on two separate agreements to sell its Pizza Hut business for a total of $2.7 billion announced on Tuesday, June 16.

Yum will sell its Pizza Hut business outside of China to LongRange Capital LLC for about $1.5 billion plus an earnout of $75 million by 2030 and will sell Pizza Hut China to Yum China Holdings Inc. (YUMC) for about $1.2 billion.

LongRange, a Stamford, Conn.-based middle market private equity sponsor, put out its own release on its deal. Yum China, a Shanghai-based restaurant company, also put out a release.

Yum on Nov. 4 said it had launched a strategic review of Plano, Texas-based Pizza Hut International LLC. Yum recently entered exclusive negotiations to sell Pizza Hut to LongRange, Bloomberg reported on May 29.

Brett Pickett, John Seewoester and Dallas Blagg at Barclays along with Goldman, Sachs & Co. gave financial advice to Yum, where chief legal officer Erika Burkhardt, chief legal officer YUM! corporate Carson T. Stewart and director, legal – corporate strategy Annie Frappolli are on the deal. Louisville, Ky.-based Yum has more than 63,000 branded restaurant locations worldwide, largely under the Taco Bell, Kentucky Fried Chicken and Pizza Hut concepts.

Simala has advised Yum on several deals, including its $375 million purchase of Habit Restaurants Inc. in 2020 and the $10 billion spinoff of its China business, which was announced in October 2015 and completed the next year. Goldman gave financial advice to Yum on the spin.

Angelo Bonvino, Cullen L. Sinclair and Matthew Benedetto of Paul, Weiss, Rifkind, Wharton & Garrison LLP were counsel to LongRange, which looked to David W. Oppenheim and Kyle C. Lennox of Greenberg Traurig LLP for franchise and distribution counsel. UBS Investment Bank is providing financing for the deal. Jesse K. Sheff, Andrew D. Baker, James Fogarty and Kendra W. Kocovsky of Latham & Watkins LLP advised UBS.

Paul Weiss advised LongRange on its purchase of 24 Hour Fitness Worldwide Inc. on undisclosed terms in January. LongRange made that investment from its first fund, which closed in 2020 with $1.5 billion in commitments.

Paul L. Choi, Scott R. Williams, Mark L. Kaufmann and Lauren Grau of Sidley Austin LLP advised Yum China, which turned to Adam Taetle and May Zhang at Lazard Ltd. for financial advice and Fangda Partners for Chinese counsel. Pingping Liu is the chief legal officer at Yum China.

Yum expects both deals to close in the third quarter of 2026, pending regulatory approvals.

Editor’s note: The original version of this article was published June 16, 2026, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.