Pizza Hut, overtaken by the 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Pizza Hut, the 68-year-old chain that has long struggled with growing competition and outdated restaurants, will be sold for $2.7 billion by parent company Yum Brands.Yum Brands said Tuesday that the private equity firm LongRange Capital will buy Pizza Hut, excluding the mainland China business, for about $1.5 billion.In 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. Yum China Holdings Inc. spun off from Yum Brands and became an independent company in 2016.Yum Brands, which also owns KFC and Taco Bell, began to explore its options for Pizza Hut in November. Last year, Yum Brands' global sales rose 5% but Pizza Hut's sales fell 2%.In February, Yum Brands announced plans to close 250 U.S. Pizza Hut locations. Pizza Hut had 19,974 restaurants worldwide at the end of last year.“Pizza Hut has long been the weak link in Yum’s port