HONG KONG, Sept 2 Yum Brands Inc's China
unit has secured an investment worth about $460 million from an
affiliate of Alibaba Group Holding and private equity
firm Primavera Capital, a person familiar with the matter told
Louisville, Kentucky-based Yum, owner of the Pizza Hut and
KFC fastfood chains, has been looking to spin off its 7,205
restaurants in China by the end of 2016, amid pressure from
activist investor Corvex Management, whose founder, Keith
Meister, is on Yum's board.
It was unclear how big a stake the two investors would get
in Yum China for the investment, or what value it puts on the
Alibaba affiliate Ant Financial Services Group, which is
valued at about $60 billion, was making the investment, the
source said. Primavera is a private equity firm founded by
former Goldman Sachs banker Fred Hu.
Ant and Primavera were not immediately available for
comment, while Yum could not be reached for comment.
(Reporting by Denny Thomas; editing by David Clarke)