Yum! Brands completes sale of Pizza Hut

(CNN, KYMA) - Yum! Brands has finalized the last part of its $2.7 billion sale of Pizza Hut.

It has now closed on the $1.5 billion sale of Pizza Hut operations outside of China. The buyer is private equity firm LongRange Capital.

Yum! already completed its $1.2 billion sale of its operations in China to Yum China Holdings in a separate deal in early August.

The sales follow 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.

The deal also cuts the chain's decades-long ties to other brands owned by Yum!, Taco Bell and KFC.