May 19, 2022, 8:44 a.m. EDT

McDonald's finds a buyer for its Russia business

McDonald's Corp. (NYS:MCD) announced Thursday that it has started the process of selling its Russia business to an existing licensee, Alexander Govor. Financial details weren't included in the announcement. The sale is expected to close in the coming weeks. Govor has been a licensee since 2015, operating 25 locations in Siberia. Govor will acquire the restaurant portfolio, operating them under a new brand. The deal also provides for existing workers, who can stay on for at least the next two years under equivalent terms. Govor would also provide for corporate workers, and fund utilities, landlords and more across 45 regions in the country until closing. McDonald's announced plans to exit Russia last week. Russia and Ukraine generated about 9% of McDonald's revenue. McDonald's stock is down 13.8% for the year to date. See: McDonald’s exit from Russia puts growth plans in disarray, analyst says

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