The pizza franchise has been sold by KFC and Taco Bell owner Yum! Brands for US$1.5bn, with an estimated 15,600 Pizza Hut locations across more than 100 countries transferred to LongRange Capital.
In a separate deal, Pizza Hut China, which operates more than 4,300 restaurants in the country, has been acquired by Yum China for $1.2bn.
Details of both deals were revealed in July.
The sale brings an end to almost 30 years of Pizza Hut ownership by Yum! Brands and marks the final step in a £2bn break-up of the global Pizza Hut business.
Despite the divestment, Yum! Brands could still receive a $75m pay out if the chain reaches undisclosed performance targets by 2030.
“With this transaction complete, Yum! Brands now moves forward as a more focused company with significant opportunities for growth around the world,” says Yum! Brands CEO Chris Turner.
“Our unmatched digital capabilities and scale and our relentless focus on the future consumer, strengthening restaurant economics and leveraging Byte by Yum! will allow us to accelerate growth and deliver sustainable long-term value for our shareholders.”