The decision comes after a prolonged period of difficulty for the chain, which has faced increasing competition from a range of rivals.

The decision comes after a prolonged period of difficulty for the chain, which has faced increasing competition from a range of rivals.

Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.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 Brands is selling Pizza Hut in two deals worth $2.7 billion with LongRange Capital and Yum China Holdings, the company said Tuesday.

Pizza Hut is on the brink of transformation as Yum Brands agrees to sell the struggling chain for a hefty $2.7 billion. The deal paves the way for private equity firm LongRange Capital to take control in numerous markets, while Yum China Holdings Inc. will oversee operations in mainland China.

Pizza Hut is on the brink of transformation as Yum Brands agrees to sell the struggling chain for a hefty $2.7 billion. The deal paves the way for private equity firm LongRange Capital to take control in numerous markets, while Yum China Holdings Inc. will oversee operations in mainland China.

The struggling Pizza Hut restaurant chain will be sold for $2.7 billion by parent company Yum Brands.