Pizza Hut is officially set to get a new owner after one of the most turbulent stretches in the brand's nearly 70-year history. On Tuesday, June 16, Yum! Brands announced it is selling Pizza Hut in two separate transactions valued at approximately $2.7 billion. Private-equity firm LongRange Capital will acquire the business outside mainland China for roughly $1.5 billion, while Yum China Holdings will purchase the mainland China operation for about $1.2 billion. According to ABC 13 , the deals are expected to close during the third quarter. The sale marks the end of an era for Yum, which has owned Pizza Hut since the restaurant giant was spun off from PepsiCo in 1997. It also caps a months-long strategic review that increasingly signaled the company was ready to move on from a brand that had become its biggest turnaround challenge.…