Yum Brands has announced that it would sell its Pizza Hut chain for a combined $2.7 billion in two deals that highlight separate trajectories for its business in China and the rest of the world.

Yum China Holdings is moving to take full ownership of the Pizza Hut brand on the Chinese mainland in a $1.2 billion deal, a strategic shift that would eliminate ongoing royalty…

Yum! Brands is selling Pizza Hut in two deals worth $2.7 billion. The company said Tuesday that private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland…