Although the group, which is backed by Cinven, owns some 380 Pizza Express outlets in the UK, the international arm was retained by previous owners of the brand TDR Capital and Capricorn Ventures.
The deal covers 53 restaurants across 12 countries, with the highest concentration of outlets in Hong Kong and the Middle East.
It does not cover the Pizza Marzano business in Spain plus a couple of restaurants in France, which are company operated and have been excluded from the deal.
Mark Angela, managing director of Pizza Express, told BigHospitality's sister publication M&C Report: "The opportunity just came up and it was a chance to tidy up what is something of an anomoly in our business.
"We're looking forward to working more closely with franchisees of Pizza Express."
Capricorn and TDR
TDR and Capricorn retained the international arm when they floated the Gondola business five years ago. The business was later taken private again when Cinven acquired the business.
It also emerged today that Capricorn, which also backs Portuguese restaurant chain Nando's, has acquired Clapham House Group in a £30.4m deal.
Martyn Leek is news editor of BigHospitality's sister publication, M&C Report.