Stock Market Update
16-Jun-26 12:25 ET
Yum! Brands moves higher after announcing sale of Pizza Hut
Dow +493.28
at 52164.31,
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[BRIEFING.COM] The DJIA (+1.0%) continues to chart session highs, while a weaker showing across tech and mega-cap stocks keeps the S&P 500 (-0.1%) and DJIA (-0.4%) pinned modestly lower.
Corporate news flow is on the lighter side today, though Yum! Brands (YUM 158.08, +3.41, +2.20%) makes a nice move higher after announcing it has entered into definitive agreements to sell Pizza Hut for $2.7 billion. Pizza Hut, excluding Mainland China, will be acquired by LongRange Capital, while Pizza Hut in Mainland China will be acquired by Yum China (YUMC 43.95, -0.30, -0.68%).
Across the two transactions, Yum! expects to receive approximately $2.3 billion of net proceeds after taxes, closing adjustments, and transaction-contingent fees, excluding the earn-out. Yum! additionally expects to incur one-time expenses of approximately $85 million during the remainder of 2026 to effectuate the separation.
