YUM! Brands Inc agreed to sell a combined US$460mil stake in its Chinese operations to Primavera Capital Group and Ant Financial Services Group, a deal that sets the stage for a spinoff of the business into a separate company next month.
Primavera, a Chinese private equity firm, will invest US$410mil in the spinoff, according to a statement yesterday. Ant Financial, an affiliate of e-commerce giant Alibaba Group Holding Ltd, will put US$50mil into the business.
