India, June 16 -- Yum! Brands, Inc. announced Tuesday its definitive agreement to sell its popular brand Pizza Hut in two separate deals for $2.7 billion in the aggregate, subject to certain purchase price adjustments. Further, the firm's Board of Directors approved an incremental $4 billion share repurchase authorization, which will be conducted with the net after-tax proceeds.
Yum!, which also owns iconic brands KFC and Taco Bell, annonced that Pizza Hut, excluding Mainland China, will be acquired by private equity firm LongRange Capital for approximately $1.5 billion. Yum! holds the chance to receive an earn-out of $75 million by 2030.
Further, Pizza Hut in Mainland China will be acquired by Yum China Holdings, Inc. (YUMC, 9987.HK) for...