Yum Brands announced on Tuesday that it is selling Pizza Hut to private equity firm LongRange Capital for $2.7 billion.

The transaction would mark a significant shift for one of America’s most recognizable pizza chains and underscores growing consolidation across the restaurant industry as operators navigate slowing consumer demand and higher costs.

Yum said last year it was evaluating strategic alternatives for Pizza Hut, including a potential sale, as the chain worked to reverse a prolonged sales slump.

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