Yum! Brands (YUM) Stock Dips as LongRange Capital Completes Pizza Hut Acquisition
TLDR
- LongRange Capital has completed its acquisition of Pizza Hut from Yum! Brands (YUM), excluding Mainland China operations.
- Pizza Hut generates approximately $10 billion in system-wide sales globally.
- Eduardo Luz has been named Interim CEO of Pizza Hut under the new ownership.
- LongRange Capital is a private equity firm focused on consumer goods, data, and technology investments.
- Financial terms of the deal were not disclosed.
Yum! Brands (YUM) stock slipped 0.68% as the company officially closed the sale of Pizza Hut to private equity firm LongRange Capital. The deal covers all Pizza Hut operations outside of Mainland China.
Pizza Hut was founded in 1958 in Wichita, Kansas, and has grown into a global pizza chain with around $10 billion in system-wide sales.
Eduardo Luz steps in as Interim Chief Executive Officer of Pizza Hut. He takes the reins as the brand begins its life as a standalone business outside the Yum! Brands portfolio.
“As a standalone business, we are now fully focused on Pizza Hut’s guests, our franchisees, and the teams who bring the brand to life every day,” Luz said in a statement.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
