Yum! Brands sells Pizza Hut for $2.7B; LongRange and Yum China acquire; $4B buyback authorized

YUM BRANDS INC

Pizza Hut Ex-China sold to LongRange Capital for ~$1.5B; Pizza Hut China sold to Yum China for ~$1.2B.
Net proceeds after taxes, adjustments, and fees expected ~$2.3B, excluding $75M earn-out.
Yum! expects one-time separation expenses of ~$85M in 2026; transactions close in Q3 2026.
Board approved incremental $4B share repurchase authorization; net proceeds to be used for capital allocation.
Yum! and Yum China agree on KFC growth incentives; Yum! to provide Byte by Yum! and transition services.

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