McDonald's Corporation (NYSE:MCD) announced that it entered into a sale and purchase agreement with existing licensee Alexander Govor to sell the entire restaurant portfolio in Russia.
Govor, who has served as a McDonald's licensee and has operated 25 restaurants in Siberia, will run the business under a different brand name.
The agreement remains subject to certain conditions, including regulatory approval, with closing expected to occur in the coming weeks. Financial terms were not disclosed.
The sale was of the Russian business was not unexpected.
Shares of MCD fell 0.41% in premarket trading.
McDonald's Corporation (NYSE:MCD) announced that it entered into a sale and purchase agreement with existing licensee Alexander Govor to sell the entire restaurant portfolio in Russia.
Govor, who has served as a McDonald's licensee and has operated 25 restaurants in Siberia, will run the business under a different brand name.
The agreement remains subject to certain conditions, including regulatory approval, with closing expected to occur in the coming weeks. Financial terms were not disclosed.
The sale was of the Russian business was not unexpected.
Shares of MCD fell 0.41% in premarket trading.