AssetID: 55781861
Headline: UNCAPTIONED: Pizza Hut To Be Sold In $2.7bn Deal
Caption: Pizza Hut To Be Sold In $2.7bn Deal. Yum! Brands has agreed to sell the struggling Pizza Hut business in a deal worth 2.7 billion dollars. Private equity firm LongRange Capital will acquire Pizza Hut’s operations outside mainland China for 1.5 billion dollars while Yum China Holdings will buy the chain’s China business for 1.2 billion dollars. The sale follows a prolonged period of challenges for Pizza Hut, which has faced declining sales and growing competition in key markets. Rivals including Domino’s, Papa John’s and Little Caesars have attracted customers with aggressive discounts during a period of high inflation. The rise of food delivery apps has also intensified competition by giving consumers more dining options. Yum! Brands said the new owners are well placed to support Pizza Hut’s future growth. Founded in Kansas in 1958, Pizza Hut became one of the world’s most recognisable restaurant brands. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Pizza Hut,to be sold,$2.7 billion,deal,food,pizza chain,franchise,Private equity firm,LongRange Capital,acquire,operations,mainland,China,outside,Yum! Holdings,declining sales,competition
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