Yum! Brands (YUM) announced on Tuesday that it had entered into definitive agreements to sell its Pizza Hut division for $2.7 billion in aggregate, a transaction that sent YUM stock up as much as 4% during the trading session.
The deal is structured as two separate transactions — private equity firm LongRange Capital will acquire Pizza Hut operations outside mainland China for about $1.5 billion, while Yum China Holdings will purchase the mainland China Pizza Hut business for roughly $1.2 billion.
