NEW YORK (AP) -- Yum Brands says it will sell a stake in its China unit, which the parent company of KFC and Pizza Hut is spinning off later this year.
The company says it struck deals to sell stakes to private equity firm Primavera Capital Group, and online and mobile financial services provider Ant Financial Services Group for a total of $460 million.
The deal and the spinoff are expected to be completed on Oct. 31. The company says shares of Yum China will begin trading on the New York Stock Exchange the next day under the ticker "YUMC."
Yum Brands previously announced the spinoff of its China business, which had come under pressure after food scares and marketing missteps that hurt sales at KFC and Pizza Hut. Yum also owns Taco Bell.
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