AmRest, through its subsidiaries AmRest Sp. z o.o. and AmRest Acquisition Limited, has entered into a share sale agreement with Almira OOO to sell its KFC restaurant business in Russia, AmRest reported. The company expects to receive at least €100 million as a result of the transaction.
The finalization of the transaction is subject to approval by the Russian Competition Authority, the approval of Yum! Brands Inc. and other regulatory approvals that may apply in Russia.
As of today and in accordance with the terms of the share sale agreement, AmRest expects to receive a minimum amount of €100,000,000 as a result of the transaction, the company announced in a statement.
The final terms of the transaction, which depend on certain external factors, including the exchange rate, will be communicated if the transaction is finalized, it also stated.
Nevertheless, AmRest estimates that after recognizing impairment losses on the Russian business assets in the consolidated financial statements as of June 30, 2022, the finalization of the transaction should not require further impairment losses, it further reads.
AmRest has been present in Russia since 2007. The company currently operates 215 KFC restaurants in that market, the company also stated.
Source: AmRest and ISBnews
