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- 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
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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