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Hillhouse, KKR Said to Weigh Deal for $14 Billion Yum China

  • U.S.-listed Yum China operates mainland KFCs and Pizza Huts
  • Yum! Brands spun out Chinese business less than two years ago
A Yum! Brands Inc. KFC restaurant in Shanghai.

A Yum! Brands Inc. KFC restaurant in Shanghai.

Photographer: Qilai Shen/Bloomberg
Updated on

Hillhouse Capital and KKR & Co. are among firms exploring a potential acquisition of Yum China Holdings Inc., the $14 billion U.S.-listed operator of KFC and Pizza Hut brands on the mainland, people familiar with the matter said.

The private equity firms are talking to banks about financing for a possible deal, said the people, who asked not to be identified because details are private. Potential suitors could seek to form a consortium to jointly bid for the business, said the people.