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CHICAGO, May 19, 2022 /PRNewswire/ -- Following its announcement that it will exit the Russian market and has initiated a process to sell its Russian business, McDonald's Corporation announced today that it has entered into a sale and purchase agreement with its existing licensee Alexander Govor. Under this agreement, Mr. Govor will acquire McDonald's entire restaurant portfolio and operate the restaurants under a new brand. Since 2015, Mr. Govor has served as a McDonald's licensee and has operated 25 restaurants in Siberia.
The agreement remains subject to certain conditions, including regulatory approval, with closing expected to occur in the coming weeks.
The sale and purchase agreement provides for 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, as well as fund existing liabilities to suppliers, landlords and utilities.
McDonald's is the world's leading global foodservice retailer with more than 39,000 locations in over 100 countries. Approximately 95% of McDonald's restaurants worldwide are owned and operated by independent local business owners.
This document contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding McDonald's plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect McDonald's expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, McDonald's does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. McDonald's business results are subject to a variety of risks, including those that are described in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 and subsequent filings with the Securities and Exchange Commission.
SOURCE McDonald's Corporation