New Delhi, June 16 -- Yum Brands Inc. on Tuesday announced that it has agreed to sell Pizza Hut's businesses outside China and in China in two separate deals worth about $2.7 billion combined. The moves will net the company roughly $2.3 billion after taxes and fees, while it doubles down on KFC China and expands Taco Bell in Mainland China.

Under the terms, Yum! will sell Pizza Hut Ex-China to LongRange for approximately $1.5 billion and Pizza Hut China to Yum China for approximately $1.2 billion. Yum! also has "the opportunity to receive an earn-out of $75 million by 2030" from the LongRange deal, the company said in its release.

Across both transactions, Yum! expects about $2.3 billion of net proceeds after taxes, closing adjustments ...