Yum sold Pizza Hut. LongRange wrote the check. China was a different deal.

Yum! Brands no longer owns Pizza Hut outside Mainland China. On September 1, 2026, it closed that sale to Toppings TopCo, LLC — LongRange Capital on the press release — for $1,488,000,000 in cash, subject to adjustments.

Yum! Brands no longer owns Pizza Hut.

Not the Hut outside Mainland China, anyway. On September 1, 2026, it closed the sale of that business to Toppings TopCo, LLC — the buyer LongRange Capital uses on the press release — for $1,488,000,000 in cash, subject to the adjustments in a June 16 Equity Purchase Agreement. That dollar is in Item 8.01 of the Form 8-K. The furnished press release says approximately $1.5 billion. Same check, written two ways.

There is also a second number that is not cash yet. Exhibit 99.1 says Yum! has “the opportunity” for an additional earn-out of $75 million by 2030, “based on future performance.” Opportunity is the company’s word. It is not money in the till on close day.

Two sales, one brand exit

LongRange did not buy Pizza Hut in Mainland China.

That leg went to Yum China Holdings, Inc. The same Exhibit 99.1 says the China sale closed on August 7, 2026. Put the two together and Yum! says the Pizza Hut sales total $2.7 billion in the aggregate, subject to purchase-price adjustments. Two buyers. Two closes. One brand leaving the parent’s about block.

The 8-K’s legal carve-out is precise: the Purchaser took the global Pizza Hut business other than the Pizza Hut business in the People’s Republic of China, excluding Hong Kong, Macau, and Taiwan. The release’s shorthand is “Pizza Hut, excluding Mainland China” and “Pizza Hut Ex-China.” Read them as the same deal, not as a third map.

The agreement date is June 16, 2026. September 1 is the close. Announcing a deal and closing a deal are different days. This filing is the second one.

What left with the Hut

Aaron Powell was chief executive of Yum!’s Pizza Hut business. Item 5.02 says he resigned from that job and from all other positions with the Company effective September 1, 2026, “in connection with the closing of the Pizza Hut Transaction.” The 8-K does not print a replacement. It does not invent a reason beyond that sentence.

Yum!’s about block on the close release names what is left: KFC, Taco Bell, and Habit Burger & Grill, with more than 44,000 restaurants in 151 countries and territories. Pizza Hut is not on that list.

Chris Turner, Yum!’s chief executive, on Exhibit 99.1: “With this transaction complete, Yum! Brands now moves forward as a more focused company with significant opportunities for growth around the world.” He pointed to digital capabilities, restaurant economics, and “Byte by Yum!” as the tools he says will “accelerate growth and deliver sustainable long-term value for our shareholders.” That is management’s pitch. It is not a proceeds table. The filing does not say where the $1.488 billion goes.

Open lines after the close

The cash is subject to adjustments. The earn-out is performance-based and runs to 2030. The $2.7 billion aggregate is also subject to adjustments. None of those lines is a final, audited purchase-price settlement.

The China deal is already closed. The LongRange deal is the one that finished September 1. Anyone still writing “Yum is selling Pizza Hut” as a future event is late.

The $75 million is still an opportunity. The $1,488,000,000 is the close-day cash Item 8.01 prints.