McDonald's says it has signed a deal to sell its business in Russia to a local licensee, Aleksandr Govor, that will give him the global fast-food giant's entire restaurant portfolio in the country and allow him to operate the restaurants under a new brand.
McDonald's, which operated in Russia for more than 30 years, said in a statement on May 19 that agreement remains subject to certain conditions, including regulatory approval, with closing expected to occur "in the coming weeks."
SEE ALSO: The Week In Russia: Big Mac Memories And Long-Held Grievances"The sale and purchase agreement provides for employees to be retained for at least two years, on equivalent terms. The buyer has also agreed to fund the salaries of corporate employees who work in 45 regions of the country until closing, as well as fund existing liabilities to suppliers, landlords, and utilities," the statement added.
The sale agreement comes three days after McDonald's announced it would exit the Russian market and had initiated a process to sell its Russian business.
Dozens of major international companies from a broad range of sectors have abandoned Russia since it launched its invasion of Ukraine on February 24.
Since 2015, Govor has served as a McDonald's licensee and has operated 25 restaurants in Siberia.
The statement did not give any details on Govor's plans for the operations.