Announcement • 37m

Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM).

Yum China Holdings, Inc. (NYSE:YUMC) entered into definitive agreement to acquire Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM) for $1.2 billion on June 16, 2026. The consideration will be paid in cash and is subject to certain purchase price adjustments. In a separate agreement, LongRange Capital, L.P. entered into definitive agreement to acquire Pizza Hut, excluding Mainland China from Yum! Brands, Inc. for $1.6 billion. The transaction will be financed through a combination of cash and debt financing. Following the close of the transactions, Yum! Brands, Inc. will no longer report on the Pizza Hut division. As of July 30, 2026, the transaction will be financed through an offshore bridge loan of CNH 8.4 billion ($1.24 billion). For the period ended December 31, 2025, Shanghai Pizza Hut Co., Ltd reported a revenue of $2.3 billion and operating profit of $183 million. The transaction consideration represents an implied last-twelve-month (LTM) P/E multiple of 19.5x. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The deal has been unanimously approved by the board of directors of Yum! Brands, Inc. and Yum China Holdings, Inc. The proceeds from sale will be used in accordance with the Yum! Brands, Inc's capital allocation strategy, including investing in the business and returning excess capital to shareholders. The transaction is expected to be immediately accretive to diluted EPS starting in 2026 following closing, and mid-single-digit accretive to diluted EPS in 2027 and 2028. The transaction is expected to close in the third quarter of 2026. As of July 30, 2026, the expected completion of the transaction is in August 2026. Lazard, Inc. acted as financial advisor to Yum China Holdings, Inc. Paul Choi, Scott Williams, Mark Kaufmann, Lauren Grau, Greg Featherman, Kelly Dybala, Olivia Ngan, Claudia Yu, Selina Wong, and Christine Duque of Sidley Austin LLP acted as legal advisor to Yum China Holdings, Inc. Fangda Partners acted as legal advisor to Yum China Holdings, Inc. Barclays Capital Inc. acted as financial advisor to Yum! Brands, Inc. Goldman Sachs & Co. LLC acted as financial advisor to Yum! Brands, Inc. The team of Weil, Gotshal & Manges LLP led by Michael J. Aiello, Amanda Fenster, Rachel Shapiro, Charan Sandhu, Devon Bodoh, Brianne Kucerik, Mark Seidman, Elizabeth Ross, Paul Wessel, Nicole Tark, Liza Cotter, Jannelle Seales, Peter Mee, Matthew Morton, John O’Loughlin and Antonia Tzinova acted as legal advisor to Yum! Brands, Inc. Mayer Brown LLP acted as legal advisor to Yum! Brands, Inc. Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM) on August 7, 2026.

Yum China Holdings, Inc. Stock Price

YUMC Share Price Performance

YUMC Community Narratives

Expanding Lower-Tier Chinese Cities And Digital Upgrades Will Drive Demand

Expanding Lower-Tier Chinese Cities And Digital Upgrades Will Drive Demand

Trending Discussion

Recently Updated Narratives

YUMC: Brand Ownership And Store Expansion Will Support Future Re Rating

Snowflake Analysis

Yum China Holdings, Inc. Key Details

About YUMC

Recent YUMC News & Updates

Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM).

Second quarter dividend of US$0.29 announced

Second quarter 2026 earnings: EPS and revenues exceed analyst expectations

Recent updates

Yum China Holdings, Inc. Competitors

Starbucks

Marriott International

Airbnb

DoorDash