McDonald’s has found a buyer for its restaurants in Russia who will rebrand them under a new name.
Alexander Govar, who already runs 25 Siberian restaurants, has agreed to buy all 847, the fast food giant said.
Mr. Hoover agreed to keep all 62,000 Russian employees of the company for at least two years on equivalent terms.
He will also pay salaries to corporate employees of the hamburger network before closing the sale.
The Russian businessman, who has been licensed since 2015, is also a co-founder of the oil refining company Neftekhimservis and a member of the board of another business that owns the Park Inn Hotel and private clinics in Siberia.
It is expected that the sale, made for an undisclosed amount, will close within a few weeks after receiving regulatory approval.
Earlier, McDonald’s said that because of the exit it will need more than $ 1 billion (848 billion pounds).
The company said it would remove its name, gold arches and brands from restaurants, but would retain its trademarks in the country.
McDonald’s has been operating in Russia for more than three decades.
The firm has temporarily closed its Russian stores in March and continued to pay workers.
The company said it was losing $ 55 million (£ 45 million) a month due to downtime in both Russia and Ukraine.
On Monday, McDonald’s said it did not maintain its business in the country and did not live up to its values, citing the humanitarian crisis in Ukraine and “an unpredictable work environment.”
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CEO Chris Kempczynski said it was a difficult decision, but “it is impossible to imagine that the Golden Arches represent the same hope and promise that led us to enter the Russian market 32 years ago.”
The first McDonald’s in Russia opened in Moscow in 1990, shortly after the fall of the Berlin Wall.
As the first American fast food restaurant to open in the Soviet Union, it was a powerful symbol of capitalism that flourished as tensions eased during the Cold War.