The author is a Reuters Breakingviews. The opinions expressed are his own.
Yum Brands has added some spice at a price. The KFC and Pizza Hut owner is selling a slug of its China business to Alibaba’s mobile-payments affiliate and a private-equity firm run by former Goldman Sachs China Chairman Fred Hu. They bring valuable tech nous and connections. It’s a better deal than usual for so-called cornerstone investors, but may pay off for Yum’s upcoming spinoff.