#restaurants

Yum Brands $YUM agreed to sell Pizza Hut in two transactions worth about $2.7B: $1.5B for ex-China operations and $1.2B for China. The company also approved an incremental $4B share-repurchase authorization.

Inspire Brands — which owns Dunkin', Arby's, Buffalo Wild Wings, Baskin Robbins, Sonic Drive-In, and Jimmy John's — has confidentially filed for an IPO with the SEC. Roark Capital is targeting a valuation of roughly $20 billion, which would rank among the largest restaurant IPOs ever for a platform running 33,300-plus restaurants with $33.4 billion in annual system-wide sales.