Pizza Hut being sold in $2.7 billion deal

(CNN)– Pizza Hut is being sold for $2.7 billion.

Private equity firm Long-range Capital is buying the majority of the chain from Yum Brands excluding its restaurants in China.

Those locations are being acquired by Yum China Holdings in a separate deal.

The sale follows years of financial struggles for the pizza giant, which has been losing out to rivals like Domino’s and third-party delivery apps.

Earlier this year, Pizza Hut announced the closure of 250 U.S. locations.