Struggling Pizza Hut chain will be sold by Yum! Brands in $2.7 billion deal

The move completes Yum!’s previously announced strategic review of Pizza Hut - (Getty Images)

Struggling restaurant chain Pizza Hut is set to be sold by its parent company, Yum! Brands, in a deal valued at $2.7 billion.

Private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland China business, for about $1.5 billion, the company said Tuesday. The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion.