McDonald's discloses buyer in Russia as it exits country
McDonald's on Wednesday said that it will sell its Russian business to a local licensee, who will continue to operate the restaurants under a different brand.
Why it matters: The fast-food giant has operated in Russia for three decades, and its original entry was viewed as a landmark thawing of Cold War tensions. It now becomes one of the largest foreign brands to exit Russia due to the ongoing invasion of Ukraine.
Catch up quick: McDonald's previously announced plans to exit Russia but didn't provide specifics.
- The buyer is Alexander Govor, who began opening McDonald's stores in Russia seven years ago.
By the numbers: McDonald's has more than 800 restaurants in Russia, of which it owns around 84%. That works out to around $2.25 billion in annual revenue, or 3% of its global total.
- No financial terms were disclosed for the divestiture, but McDonald's previously said it would take a $1.4 billion charge.