Noi-M is linked to Russian restaurant group Rosinter, which operates the Russian franchises of Costa Coffee and T.G.I. Friday's.
Pizza Hut's 50 Russian stores are to be rebranded, though the new owners have not yet decided on a name.
Franchiser Amrest sold the brand's Russia business after Pizza Hut owner Yum! Brands announced in March that it was pausing operations in Russia and transferring restaurants to local operators after Russia deployed troops to Ukraine.
(Reporting by Reuters; editing by Jason Neely)