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Yum Brands Buyout Buzz: The $2.7 Billion Pizza Hut Exit!

Yum! Brands has entered a major portfolio reset after agreeing to sell Pizza Hut in two separate transactions totaling $2.7 billion, ending a strategic review that began in November 2025. The most important piece for LongRange Capital is Pizza Hut excluding Mainland China, which the private equity firm is set to acquire for about $1.5 billion, with Yum retaining the potential for a $75 million earn-out by 2030. Pizza Hut China will separately be sold to Yum China for roughly $1.2 billion, leaving Yum with expected net proceeds of about $2.3 billion after taxes, adjustments and transaction-related costs. The deal also comes with an incremental $4 billion share repurchase authorization and is expected to close in the third quarter of 2026, after which Yum will stop reporting Pizza Hut as a division.