Bidding for Yum China set for 2nd round
Print Edition
SINGAPORE state investor Temasek Holdings and a consortium that includes China Investment Corp and KKR & Co have advanced to a second round of bidding for a minority stake in Yum Brands Inc’s China unit, people familiar with the matter said.
Another private equity-backed consortium has also moved to the second round, the people said, although its identity could not be immediately confirmed.
US-based Yum Brands, owner of the Pizza Hut and KFC chains, aims to spin off its 7,205 China restaurants by the end of this year, amid pressure from activist investor Corvex Management, whose founder, Keith Meister, is on Yum’s board.
The second round of bids for the stake up for sale — about 20 percent of the business — are due by the end of this month, the people said, declining to be identified because the information was confidential.
Yum’s entire China unit is valued at between US$8 billion and US$11 billion, based on its core earnings of about US$1 billion, the people said.
“I will tell you as a large shareholder, the Yum board selling this business for US$7 billion or US$8 billion is not the right thing, and I don’t think anyone would disagree about that,” Corvex’s Meister told CNBC recently.
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