Yum Is in Exclusive Talks to Sell Pizza Hut to LongRange (1)

Yum! Brands Inc. is in exclusive talks to sell its Pizza Hut chain to LongRange Capital, according to people familiar with the matter.

LongRange entered exclusivity with Yum in recent days, beating out bidders including Sycamore Partners, one of the people said.

The two parties are advancing in discussions about a potential deal that could come together in several weeks, said the people, who asked not to be identified discussing private information. There’s no guarantee a deal will be reached, they added.

Representatives for Yum, LongRange and Sycamore declined to comment.

Yum said last year that it was ...