Yum! Brands sells global Pizza Hut business for $2.688B in cash; adds $4B buyback

YUM BRANDS INC

Sale of global Pizza Hut (ex-China) to Toppings TopCo for $1.488B cash + up to $75M earn-out.
PRC Pizza Hut business sold to Yum China for $1.2B cash; amended KFC/Taco Bell license with Yum China.
Board approves new $4.0B share repurchase authorization through June 2028, supplementing $400M remaining.
Transactions expected to close by Sept 2026 (global) and Nov 2026 (China), subject to customary conditions.
Net after-tax proceeds to be used for investing in business and returning excess capital to shareholders.

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