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The Wall Street Journal: Yum Brands sells slice of China business ahead of spinoff

Yum Brands Inc. YUM, +0.06% the owner of KFC and Pizza Hut, has struck a deal to sell a slice of its China operations to a prominent Chinese deal maker and the financial affiliate of Chinese internet giant Alibaba Group Holding Ltd., as it prepares for a spinoff of the China unit.

Primavera Capital, run by former Goldman Sachs Group Inc. Greater China Chairman Fred Hu, and Ant Financial Services Group will buy a combined $460 million stake in the Yum China Holdings Inc. spinoff. They will buy the shares at an 8% discount to the average price at which Yum China’s shares trade between 31 days and 60 days after they are distributed to Yum shareholders.

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