- McDonald's Corp (NYSE:MCD) has entered into a sale and purchase agreement with its existing licensee Alexander Govor to sell its Russian business. The financial terms were not disclosed.
- Under this agreement, Govor will acquire McDonald's restaurant portfolio and operate the restaurants under a new brand.
- Govor has served as a McDonald's licensee since 2015 and has operated 25 restaurants in Siberia.
- Also Read: McDonald's To Exit Russian Market As Crisis Clouds Operating Prospects
- The agreement allows 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 and fund existing liabilities to suppliers, landlords, and utilities.
- Price Action: MCD shares closed lower by 4.38% at $231.05 on Wednesday.
- Photo Via Wikimedia Commons
