Pizza Hut, where sales have lagged with arrival of delivery culture, will be sold for $2.7 billion

Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.

Yum said Tuesday that the private equity firm LongRange Capital will buy Pizza Hut, excluding the mainland China business, for about $1.5 billion.

The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion, the company said. China is Pizza Hut's second-largest market outside the U.S., accounting for 19% of sales.