Yum Brands Inc. said late Tuesday it has agreed to buy a 20% interest in Little Sheep Group Ltd., a popular restaurant chain with locations mostly in China and Hong Kong, for $63 million.
Yum Brands Inc, which operates KFC, Pizza Hut, Taco Bell and other restaurant chains, said the transaction is subject to regulatory approval and is expected to close by this summer.
Little Sheep (HK:968), based in the Chinese province of Inner Mongolia, offers Mongolian-style "hot pot"cuisine that is "characterized by its proprietary soup base and Mongolian lamb specialties,"Yum Brands said in a statement.
Yum Brands buys stake in China restaurant chain Little Sheep
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