PIZZA HUT, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for US$2.7 billion by parent company Yum Brands.

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

In mainland China, Pizza Hut will be purchased by Yum China Holdings Inc for approximately US$1.2 billion, the company said. China is Pizza Hut’s second-largest market outside the US, accounting for 19% of sales. Yum China Holdings Inc spun off from Yum Brands and became an independent company in 2016.