Yum Brands sells Pizza Hut to LongRange Capital for $1.5 billion, while China ops go to Yum China for $1.2 billion, boosting focus and restructuring strategy.
On Tuesday, Yum Brands Inc.
(NYSE:YUM) confirmed the sale of its subsidiary, Pizza Hut, to private equity firm LongRange Capital for nearly $1.5 billion.
The Mainland China operations of Pizza Hut will be taken over by Yum China Holdings, Inc.
(NYSE:YUMC) for nearly $1.2 billion.
The total net proceeds from both transactions are projected to be around $2.3 billion after taxes, closing adjustments, and fees, excluding a potential earn-out of $75 million by 2030 from LongRange.
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