Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.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 the U.S. business for about $1.5 billion.
The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion.
Pizza Hut has been squeezed in recent years by the growth of DoorDash, Uber Eats and other restaurant delivery companies which marketed access to a slew of cuisines besides pizza.
In February, Yum Brands announced plans to close 250 U.S. Pizza Hut locations.