Weil, Gotshal & Manges, Mayer Brown, Sidley Austin, Greenberg Traurig and Paul Weiss advised on Yum! Brands’ US$2.7 billion sale of Pizza Hut to Yum China Holdings & LongRange Capital.

Under the transaction, Pizza Hut outside Mainland China will be acquired by LongRange Capital, while Pizza Hut in Mainland China will be acquired by Yum China Holdings, Inc. For US$1.2 billion. Following a strategic review process launched in November 2025, Yum! Brands determined that the sale represented the strongest path to maximise shareholder value while positioning Pizza Hut for future growth under ownership structures tailored to its distinct markets.

Weil, Gotshal & Manges LLP is advising Yum! Brands on the transaction.

The Weil team is led by Mergers & Acquisitions partners Michael J. Aiello and Amanda Fenster and includes Mergers & Acquisitions counsel Rachel Shapiro and associates Avi Rubin, Alan Chan, Blake Oglensky and Harran Deu (Not Yet Admitted in New York); Technology & IP Transactions Head Charan Sandhu and associates Nupur Sachdev (Not Yet Admitted in New York), Adeline Park, Colleen Seidel and Trey Davis (Not Yet Admitted in New York); M&A Tax Head Devon Bodoh and associates Carlos Parra and Marvin Zanders; U.S. Antitrust Co-Head Brianne Kucerik, partner Mark Seidman, counsel Elizabeth Ross and associates Michael Geisler and Yousef Ziyadi; Executive Compensation & Benefits Head Paul Wessel, counsel Nicole Tark and associate Rebekah French; Privacy & Cybersecurity partner Liza Cotter and associates Sabrina Chishti and Ashley Tanaka; Real Estate Co-Head Jannelle Seales and associates Karen Luo, Tamar Ungar and Chloe Hoetger (Not Yet Admitted in New York); Employment partner Peter Mee and associate Paige Mickel; Environmental partner Matthew Morton and associate Caleb Holland; and Regulatory Transactions partners John O’Loughlin and Antonia Tzinova and associates Christina Carone and Colin Cox.

Mayer Brown also advised Yum! Brands on the transaction.

Sidley Austin LLP is advising Yum China Holdings on its US$1.2 billion acquisition of the Pizza Hut brand in Mainland China.

The Sidley team is being led by Paul Choi and Scott Williams (M&A and Private Equity) and Mark Kaufmann and Lauren Grau (Technology and Life Sciences Transactions). Other team members include Brendan McCartney and Kathy Jara (M&A and Private Equity); Andy Dykstra and Dina M.P. Kang (Technology and Life Sciences Transactions); Greg Featherman and Rachel Ellison (Tax); Kelly Dybala and Mary Kathryn Field (Global Finance); Olivia Ngan, Claudia Yu, and Selina Wong (China Corporate and Finance); and Christine Duque (Corporate Governance).

Paul Weiss advised LongRange Capital on its acquisition of Pizza Hut outside Mainland China.

The team was led by Angelo Bonvino, Cullen Sinclair and Matthew Benedetto.

Greenberg Traurig also acted as legal counsel to LongRange Capital on the transaction.