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The American company McDonald's has announced that it will sell its Russian business to current licensee Alexander Govor, TASS reports.

Today, the company announces the conclusion of a deal to sell Russian assets to Alexander Govor, McDonald's franchisee partner. Under the terms of the deal, Mr. Govor acquires the entire restaurant portfolio of the chain and will further develop it under a new brand, the statement says.

According to the press service of the company, Govor has been a partner of McDonald's since 2015, and there are 25 franchised enterprises in Siberia.

The agreement to sell McDonald's assets requires the agreement of certain terms, including regulatory approval. It is expected that all the necessary stages of coordination will be completed in the coming weeks, the company said.

As noted in the statement, all employees will retain jobs on equivalent terms for at least two years. In addition, the buyer agreed to finance the salaries of corporate employees who work in 45 regions of the country until the closing of the transaction, and also assumed obligations to suppliers, landlords and utilities.

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