Pizza Hut is getting the private equity treatment in a $2.7 billion deal as its owner offloads the brand that defined 1990s dining nostalgia

A man sits at a red checkerboard table with a Tiffany-style Pizza Hut lamp hanging above him. (Credit: Brett Coomer/Houston Chronicle—Getty Images)

After years of being a struggling business and losing ground to competing chains, Pizza Hut’s fate will now rest with private equity.

Yum Brands announced on Tuesday it sold Pizza Hut to private equity firm LongRange Capital for about $1.5 billion. Yum China Holdings Inc. will acquire the chain’s mainland China locations in a separate deal worth about $1.2 billion.