In June 2024, Yum! Brands, Inc. (NYSE: YUM), the parent company of Pizza Hut, completed a strategic transaction to transfer certain rights related to trademarks of the Jeno's and Telepizza brands in Colombia and Chile to restaurant operator Food Delivery Brands, S.A. As a result of the transaction, approximately 120 Jeno's and Telepizza branded restaurant units will be removed from Pizza Hut's global unit count.

With the close of the transaction, 100% of Pizza Hut units in Latin America will now operate under the Pizza Hut brand. The removal of the Jeno's and Telepizza units will have a negligible effect on Yum! Brands' royalty income, and the Company received nominal consideration from Food Delivery Brands.

Yum! Brands franchises over 1,300 Pizza Hut restaurants across the Latin America and Caribbean region.

'This strategic move will enable the Pizza Hut team to focus exclusively on the Pizza Hut brand across the Latin America and Caribbean region, which will better enable our teams and franchisees to accelerate growth,' said Kurt Smith, General Manager of Pizza Hut Latin America and Caribbean.

Food Delivery Brands sub-franchises or operates over 1,500 Telepizza, Jeno's and Pizza Hut branded restaurants, the majority of which are located in Spain and Portugal.

'Food Delivery Brands has a long and rich history of operating Jeno's and Telepizza brands, and we believe this transaction in Latin America is in the best interest of customers and stakeholders of both brands,' said Jose Luis Renedo, CFO Food Delivery Brands.

(C) 2024 Electronic News Publishing, source ENP Newswire