Finland's Huhtamaki has said it has sold its operations in Russia to Espetina Ltd, a holding company owned by Alexander Govor and Iury Kushnerov, for €151 million.
Reuters on Thursday 1 September reported that Govor, the owner of McDonald's former restaurants in Russia, planned to buy the Huhtamaki business.
The transaction includes four manufacturing units in Russia, employing 724 people, and Huhtamaki expects to book a gain of approximately €15 million in its fiscal third quarter, the company said in a statement.
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The Finnish maker of packaging for food and beverages announced in April it intended to exit Russia following Moscow's invasion of Ukraine.
"We consider that the current evolution of the situation and the long-term outlook in Russia will prevent the realisation of our growth strategy and long-term ambitions in the country," Huhtamaki said.
Russia invaded Ukraine on 24 February in what it called a "special operation" to demilitarise and "denazify" its neighbour.