Yum! Brands Sells Pizza Hut for $2.7 Billion

Yum! Brands, Inc. has entered into definitive agreements to sell its Pizza Hut business for an aggregate of $2.7 billion. The sale will be conducted in two separate transactions: Pizza Hut operations outside of Mainland China will be acquired by LongRange Capital for approximately $1.5 billion, with Yum! Brands having the potential to receive an additional $75 million through an earn-out. Pizza Hut in Mainland China will be acquired by Yum China Holdings, Inc. for approximately $1.2 billion. These transactions are part of Yum! Brands' strategic review and are expected to be completed in the third quarter of 2026, subject to regulatory approvals. Following the sale, Yum! Brands will no longer report on the Pizza Hut division. The company also announced an incremental $4 billion authorization for share repurchases, with net proceeds from the sale to be used for capital allocation, including investing in the business and returning capital to shareholders. Yum! Brands and Yum China will continue to partner on KFC growth incentives and advance long-term plans for Taco Bell in Mainland China.