Yum! Brands is selling Pizza Hut, excluding Mainland China, to LongRange Capital for $1.5 billion. Pizza Hut Mainland China will be acquired by Yum China for $1.2 billion. Yum! leadership and the board of directors say the sale is the strongest path to maximize shareholder value, while providing Pizza Hut with an ownership structure tailored to its distinct markets.
“These transactions enable Yum! to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders,” said Chris Turner, CEO, Yum! Brands. “Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry.
The company is expected to receive $2.3 billion in net proceeds. Yum! will continue to provide a proprietary technology platform and certain corporate services to Pizza Hut Ex-China. Yum! Brands and Yum China have agreed to financial incentives contingent on KFC China’s future acceleration in system sales growth rate, as well as incentives to promote the long-term growth of Taco Bell in Mainland China.
With the approval of the transaction, Yum!’s board of directors approved an incremental $4 billion authorization for the repurchase of common stock. Yum! expects both transactions to close in the third quarter of 2026.
Dallas Capital Bank Acquired By Oklahoma-based MidFirst Bank
The run of banking consolidation in North Texas continues. MidFirst Bank has entered into a definitive agreement to acquire Dallas Capital Bank, a $1.2 billion-asset bank. The acquisition builds on MidFirst’s expanding Texas footprint, with banking locations in Dallas and San Antonio, and the acquisition of Amerant Bank’s Houston banking locations.
“This partnership with MidFirst prioritizes our people and our clients,” said Jason Matthews, President and Chief Banking Officer of Dallas Capital Bank. “Our team has decades of commercial and private banking experience in Dallas. We work hard to earn the trust of our clients, and our bankers will now be able to offer a broader suite of products and capabilities while still providing the same exceptional level of service our clients have come to expect from us.”
MidFirst Bank, the largest privately owned bank in the U.S., plans to provide Dallas Capital Bank clients with the increased scale, resources, and product capabilities offered at a larger bank.
“Dallas is one of the most dynamic banking markets in the country, and Dallas Capital Bank has built exactly the kind of relationship-focused culture that defines the MidFirst experience,” said Todd Dobson, CEO of MidFirst Bank. “Dallas Capital Bank’s team is recognized for delivering exceptional personalized service, and by bringing our organizations together, we will be able to serve the Dallas market in an even greater way.”
Summit Acquisitions Assumes Strategic Advisory Role Over Twin Peaks Restaurants
Twin Peaks Restaurant will see Summit Acquisitions assume a strategic advisory role on behalf of the brand’s bondholders. Summit is a group of Twin Peaks franchise operators who have collectively built and scaled Twin Peaks lodges across the U.S. and internationally.
Twin Peaks will no longer be associated with FAT Brands and will return to its previous status as a privately held company. The brand’s existing corporate leadership team is expected to stay in place, and no staffing reductions are planned.
“This transition gives our team the foundation we’ve needed to execute on the vision we’ve always had for this brand,” said Roger Gondek, Twin Peak’s COO. “We have a strong system, exceptional operators, and enviable guest loyalty, and now we have the financial footing to match. The best days for Twin Peaks are ahead.”
The organization expects to add team members as it continues to grow through new restaurants and franchise expansion. Under the transition, the brand expects a deeper alignment across corporate and franchise partners.
