Primavera, Ant Financial To Invest $460M In Yum China As Unit Spins Off From Parent

Chinese private equity firm Primavera Capital Group and Ant Financial Services Group have agreed to invest a total of US$460 million in Yum China, as Yum! Brands completes a spinoff of its China Yum division, according to a company announcement.

The spinoff and concurrent completion of the Primavera and Ant Financial investments are expected to occur on October 31, with Yum China to commence trading on the New York Stock Exchange as an independent company on November 1 under the ticker symbol YUMC.

Under the terms of the agreements, Primavera and Ant Financial will invest US$410 million and US$50 million, respectively, in Yum China.

The final number of shares issued to Primavera and Ant Financial will be subject to...

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