Madrid-based restaurant operator AmRest Holdings said on Monday 27 February it has decided to sell its KFC restaurant business in Russia to a different buyer after the owner of the franchise executed its rights to oppose a deal announced two months ago.
AmRest, which is listed on the Warsaw and Madrid stock markets, said in December it would sell the business to Russian restaurant and entertainment company Almira, but KFC owner Yum Brands Inc blocked the deal, with AmRest eventually selling to Russian franchise holder Smart Service Ltd.
Yum Brands said last year it would transfer ownership of its Russian KFC locations to Smart Service.
Many western companies have sold their Russian assets to local managers to comply with sanctions over Russia's invasion of Ukraine.
AmRest said the new deal's conditions were "substantially the same" as when it had agreed to sell the business for at least €100 million.
Subject To Regulatory Approvals
The deal is subject to regulatory approvals in Russia.