Papa John’s and Pizza Hut edge closer to finding new owners, sources say

InternationalPapa John's and Pizza Hut edge closer to finding new owners, sources sayBy Reuters -Apr 15, 2026Two of America’s most popular national pizza chains are edging closer to selling to new owners as stiff competition, rising commodity costs and waning consumer demand are undercutting ​performance, according to five people familiar with the discussions. Papa John’s International and Pizza Hut, owned by Yum Brands are actively negotiating separate deals that could remove each company from ‌the spotlight of public earnings reports and stock exchanges, giving management teams time to rethink their strategies and business models, said the sources, who asked not to be identified because they aren’t authorized to speak publicly about the private talks. Papa John’s stock price dropped 28% over the last six months to about $34.99 a share on Tuesday. The company was offered $47 a share in March from Qatari-backed investment fund Irth Capital, with backing from Brookfield Asset Management, according ​to two of the people, who were briefed on the plans. Irth has been in talks with Papa John’s and conducting due diligence on a potential acquisition over the last ​month, the two people said. Some investors are quietly optimistic that Irth can reach a deal by the time Papa John’s releases quarterly earnings on ⁠May 7, they said. The talks are still ongoing and no deal is guaranteed, the sources cautioned. Meanwhile, Pizza Hut owner Yum Brands set another deadline this week for bidders to submit formal ​offers, the three people familiar with those negotiations said. So far, private equity firms Sycamore Partners, Apollo Global Management, and LongRange Capital, among others, have been vying for the chain, they said. Yum could choose ​someone to enter exclusive talks with after this week’s deadline, they added. The three people said there’s no guarantee those firms will submit bids this week, and Yum could keep the chain or spin it off if the offers aren’t high enough....