Spanish restaurant operator AmRest to sell KFC business in Russia to Almira
AmRest Group, a Spanish multi-brand restaurant operator, has entered into a deal to sell its KFC restaurant business in Russia to Almira.
The casual dining, fast-food restaurant, and coffee shop operator expects to get a minimum of €100 million through the deal.
According to AmRest Group, the final terms of the deal, which are contingent on some external factors such as the exchange rate will be revealed if the transaction is completed.
The Spanish restaurant operator has been operating in Russia since 2007 and presently operates 215 KFC restaurants in the country.
The company stated: “AmRest estimates that after recognition of the impairment of the Russian business in its consolidated financial statements as of June 30, 2022, the completion of the transaction should not require further adjustments.”