MOSCOW, April 17. /TASS/. American company Yum! Brands has completed the sale of its KFC business in Russia to Smart Service and says its leaving the country. This is according to a press release on the American company’s website.

"Yum! Brands has completed its exit from the Russian market by selling its KFC business in Russia to Smart Service Ltd., a local operator led by Konstantin Yurievich Kotov and Audrey Eduardovich Oskolkov," the press release says.

The sale to Smart Service includes all Russian KFC restaurants, operating system, master franchise rights and the trademark for the Rostik's brand.

"As part of the sale and purchase agreement, Smart Service has agreed to retain the Company’s employees in Russia and spearhead the rebranding of KFC restaurants in Russia to Rostik’s. Initially, Smart Service will convert their more than 100 KFC restaurants in Russia to Rostik’s," the press release says.

"Closing of the transaction follows a series of regulatory and governmental approvals. With the completion of this latest transaction, Yum! Brands and KFC have ceased their corporate presence in Russia," the company adds.

In early March, Yum! Brands announced the suspension of the work of KFC restaurants in Russia. However, franchise outlets were able to continue operating.

Later, Yum! Brands announced that it had agreed to sell the Russian division of KFC to a local franchise operator - the Smart Service company, which is part of the Food Service Group. The co-owners of Food Service are Konstantin Kotov and Andrey Oskolkov.

In November 2022, the Federal Antimonopoly Service granted Smart Service Ltd LLC’s petition to acquire the Russian KFC. Under the terms of the deal, the company will own 70 restaurants and become a franchisor for more than a thousand partner restaurants, which will continue to operate under the Rostik's brand.