Yum! Brands Completes $1.2 Billion Sale of Pizza Hut Business Rights in China

Yum! Brands, Inc. announced the completion of the sale of the rights to its Pizza Hut business in the People's Republic of China (PRC) to Yum China Holdings, Inc. for $1.2 billion in cash. Yum China was previously the exclusive licensee of these rights. In connection with the transaction, the companies also entered into an amended master license agreement for the KFC and Taco Bell brands.

Key Details

• Transaction: On August 7, 2026, Yum! Brands completed the sale of the rights to the Pizza Hut business in the PRC to Yum China Holdings, Inc.
• Purchase Price: The transaction was completed for $1.2 billion in cash.
• Amended License Agreement: A new master license agreement was executed to govern the ongoing relationship for the KFC and Taco Bell brands in the PRC, removing all references to Pizza Hut. The agreement also establishes incentives for KFC system sales growth and long-term growth plans for Taco Bell in China.